USD/JPY breaks key resistance

The U.S. Dollar has finally broken through the ceiling implied by a number of studies, including the most relevant moving averages and the five-month down-trend. Accordingly, unless the currency plunges back beneath 102 in the nearest future, it should move in accordance with the long-term indicators, which are largely pointing north. Now the target is this quarter's high at 104.13, also the current location of the monthly R2.

Though overall the market is still convinced that the U.S. Dollar is going to appreciate, the percentage of long positions fell below the 70% mark to 68%. In the meantime, there is no significant difference between the amounts of buy (53%) and sell (47%) orders.