USD/JPY rebounds from 103.07/102.78

Judging by the fact that the monthly PP and at the same time the 2013 highs did not stop the buck from appreciating, USD/JPY is likely to preserve the upward momentum. The closest significant resistance is 104.63/36, but we should expect the recovery to persist until the up-trend resistance line at 105.87/68 is reached. The technical indicators also suggest that the price is bullish.

As a result of a recent surge, more traders decided to short the buck, but the increase was insignificant—the share of bears grew from 61% up to 62%. As for the orders placed on USD/JPY, just as yesterday, a slight majority of them are to acquire the U.S. Dollar, specifically 56%.