USD/JPY buoyed by 104.09/00

For the time being it appears as the monthly PP, in conjunction with the 2013 highs, managed to weather the selling pressure. Consequently, the U.S. Dollar should now resume outperforming the Japanese Yen. And while the nearest obstacle is at 105.50/15, a pronounced downward correction is unlikely to emerge before the pair reaches the rising resistance line.

Apparently, traders are beginning to doubt their previous belief that USD/JPY is going to step lower—there was a five percentage point drop in the share of short positions to 59%. As for the orders, the ones to purchase the greenback against the Yen are in a distinct majority with 68% of the total amount.