USD/JPY preserves upward momentum

USD/JPY stays bullish, even though it is presently facing a series of tough obstacles. Apart from the monthly PP at 102.72 representing the immediate resistance, there is also the 100-day SMA nearby. However, if both of these levels are broken, the U.S. Dollar will be well-positioned for a rally towards 103.43/40. Meanwhile, further appreciation of the currency, should it take place, is likely to make a pit stop near the monthly R1 at 104.25.

The bulls have even further enhanced their advantage over the bears, as the portion of the former surged to 75% from 70% seen last Friday. In the meantime, the difference between the amounts of buy (54%) and sell (46%) orders is not considered to be significant.