USD/JPY wanders beneath 104.92/80

USD/JPY is risking to breach the up-trend support line that has been underpinning the latest two-month rally. Regardless of the abundance of ‘buy' signals on every time-frame, the exchange rate is sliding down towards the monthly pivot point. Unless this support prevents development of a sell-off, the May high at 103.74 will be looked at as the potential dead end for the bearish correction.

The distribution between the long and short on USD/JPY positions stays the same as last week, when 65% of traders supposed that the U.S. Dollar is going to rise in value and 35% thought otherwise. As for the orders placed next to the current price, the share of buy ones is noticeably smaller (71%) than before (81%).