USD/JPY runs towards 101.20

Since one of the major trend-lines has just been breached, USD/JPY is expected to hit 101.20 in the coming days. This mark is likely to be the last bastion of the bulls who continue defending the positive outlook. The risks are nevertheless skewed to the downside, but a close below this level is going to further reinforce the idea of the U.S. Dollar not following a path suggested by the monthly technical indicators and depreciating.

There are a little more long positions than yesterday (73% against 71%), as the traders are taking advantage of the U.S. Dollar's lower price. As for the pending orders, 61% are to purchase and 39% are to sell the buck against the Yen.