USD/JPY attacks 104

USD/JPY started this week above last quarter's high, meaning the overall risks are skewed to the upside. However, the pair may need to close the gap (retreat to 103.80) before a scenario, implied by the monthly technical indicators (four out of eight are bullish), is realised. There is a possibility of the dip extending the monthly R1 level, but the 2014 high at 105.44 will still be considered to be the pair's future destination point.

The sentiment with respect to USD/JPY is bullish but weak, since only 56% of positions held by traders are long. But there are notably more commands to acquire the Buck—their share went up from 49 to 65%.