USD/JPY confirms up-trend at 105

As it turned out, USD/JPY did not have to pull back to the 2014 Q2 low, the accelerated up-trend and monthly R1 at 105 was more than enough to send the pair above the first quarter high. The Dollar is now facing the monthly R2, but, given bullishness of the indicators on all three time-frames, should be able to reach the monthly R3 in the coming weeks—it covered the same distance during the last five trading days.

As the Greenback became more expensive, the number of people believing it is overpriced relative to the Asian currency has notably increased, namely from 53 to 60%. Concerning the orders, 62% of them are set to purchase the Buck against the Yen.