USD/JPY jumps over 103.74

Being that the currency pair has quickly returned back above the up-trend, the outlook on USD/JPY stays positive, as also indicated by the daily and monthly technical studies. Moreover, a surge yesterday led to a breach of an important resistance level at 103.74. Consequently, there is only a major obstacle at 104.12/04 left between the spot and 104.92/87.

Following yesterday's events, the gap between the longs (56%) and shorts (44%) on USD/JPY once again narrowed, meaning the sentiment is neutral at the moment. Meanwhile, already historically high proportion of buy orders placed on the currency pair grew even more, up to 89%.