USD/JPY hesitates at 102.90/78

Even though USD/JPY returned back to the monthly S1 and a substantial part of the technical indicators remain bullish, the pair seems to be lacking upward momentum in order to gain a foothold above 102.90/78. Accordingly, the bearish correction may drag on for a longer time period than initially estimated. Now it appears the U.S. Dollar will attempt to find support at the 100-day SMA.

The distribution between the long and short positions on USD/JPY is perfectly the same as yesterday—55% to 45% respectively, meaning the sentiment of the market is currently neutral. However, the market is rapidly building up buy orders, they already constitute 68% of the total amount.