USD/JPY fails to decouple from 2013 highs

Despite a plethora of signs in favour of USD/JPY's recovery, the currency pair seems to have already pared all of the yesterday's gains—it is rapidly moving back towards the support created by the monthly PP and the 2013 highs. Still, given the current conditions, the long-term outlook remains bullish and eventually the U.S. Dollar should be able to resume moving forward.

Just like the sentiment in EUR/USD, the distribution between the bulls and bears is fairly stable in USD/JPY as well. Presently 56% of traders reckon that the price of the greenback is going to drop. As for the orders, 75% of them are to purchase the buck against the Japanese Yen.