USD/JPY stuck between 98.7 and 99.5

As most of the major currency pairs, greenback-yen cross started the week passively. However, we should pay attention to the fact that it seems to be stuck between two major technical areas—98.7 and 99.5. In addition, although technical indicators point at appreciation of the pair it is likely to struggle. There are few reasons for that—significant number of indicators give neutral outlook suggesting that there is no catalyst and major level at 100 JPY.  

 

It does not seems that anything could move the traders from where they are now—73%, approximately the same share as in last two months, of open positions belong to the bulls; 55% of pending orders, same share as in the end of last week, is set to go long as well.