USD/JPY stabilises at 102.70

The pair seems to have managed to hang onto the rising support line at 102.70 and is therefore likely to continue ascending towards the nearest important resistance at 104.12/103.68, as suggested by the indicators on the daily and monthly charts. If this obstacle is overcome, the next target should become 104.92, the level last seen in January of 2008.

Traders' sentiment with respect to the currency couple stays moderately bullish—at the moment of writing 58% of positions are long and 42% of them are short. Meanwhile, the amount of buy orders grew by four percentage points back to 83%, meaning there the demand for the U.S. Dollar is likely to stay strong.