USD/JPY stops at 104.17/09

Considering the U.S. Dollar has been consistently moving north for the past two months, a small correction such as the current dip should not invalidate the bullish outlook despite a breach of the up-trend. Especially, if we take into account an abundance of ‘buy' signals provided by the technical indicators. Right now the pair is supported by 104.17/09 and may already start surging from here.

While there was no change in the distribution among the longs (35%) and shorts (65%) compared to the previous report, now in the region between 104.90 and 103.90 an overwhelming majority (83%) of orders placed on USD/JPY is to buy the U.S. Dollar against the Japanese Yen.