USD/JPY poised for gains

As it turned out, the bearish correction did not extend down to one of the key supports at 100.95/28. Instead the greenback made an attempt to return back above the rising up-trend that connects the troughs since Nov 7, but is not yet successful. Still, as suggested by the daily and monthly studies, there is a good chance USD/JPY will reach the May high at 104.12/103.74 in the nearest future.

The gap between the bullish and bearish traders has marginally narrowed—at the moment 57% of positions are long and the remaining 43% are short. Concerning the orders placed on the currency pair, there is a substantial difference between the buy (86%) and sell (14%) ones.