USD/JPY draws near to 104.12/103.74

USD/JPY continues to trade beneath the former accelerated up-trend support line, but nonetheless preserves strong upward momentum. Still, a test of the resistance at 104.12/103.74 may potentially result in a distinct bearish correction, considering there are no formidable supports nearby to underpin the currency pair in case of a persistent sell-off.

For now the distribution between the long and short positions remains stable—57% to 43% respectively, meaning the market is largely undecided at the moment regarding the future direction of USD/JPY. As for the orders, an absolute majority (84%) of them are to acquire the U.S. Dollar.