USD/JPY surpasses 2014 high

USD/JPY continues to advance, and it has already managed to post new yearly highs. If the price manages to gain a solid foothold above 105.50 in the nearest future, there will be a high probability of it moving towards the 2008 high at 111 in the long run. For now a majority of the technical indicators on all relevant time-frames are in favour of a bullish scenario, with the closest target being the monthly R2 at 106.

While the sentiment of the SWFX traders remains neutral towards USD/JPY (46% of positions are long and 54% are short), the portion of commands to purchase the U.S. Dollar has been rapidly increasing—from 56% yesterday to 69% today.