USD/JPY retreats from May high

There is a substantial risk USD/JPY will be unable to stay bullish in the face of the resistance represented by the May high at 103.74. This is likely to be the case should the accelerated up-trend support at 103.11 be breached. Then the U.S. Dollar will be expected to drop trough the nearest supports at 102.50/30 and 101.34/17 down to 100.86/54—September high and the monthly PP.

Bullish market participants keep their advantage over the bears. While the former take up 58% of the market, the portion of the latter stands at 42%. Concerning the orders, an absolute majority (84%) of them are to purchase the greenback against the Japanese Yen.