USD/JPY challenges 102.34/03

Although initially USD/JPY appeared hesitant in the face of the down-trend resistance line, it has nevertheless launched an attack on 102.34/03. If this attempt succeeds, we will be looking at 102.94/72 (monthly PP and 100-day SMA) as the next target. And while the near-term technical indicators are not in favour of such a course of events, most of the monthly signals suggest to acquire the U.S. Dollar against the Yen.

The sentiment towards USD/JPY remains explicitly bullish, being that right now as many as 72% of open positions are long. In the meantime, the buy orders are losing their positions—50 pips from the spot their portion plunged from 59% down to 39%.