USD/JPY surges from weekly pivot point

Despite apparent insignificance of the weekly PP at 108.40, it managed to prevent further depreciation of the U.S. Dollar and initiate a rally. However, USD/JPY has not yet gained a solid foothold above 109, which is required for the currency pair to confirm its long-term bullish intentions and re-visit 110.70—the 2009 high. On the other hand, this course of events is favoured by the majority of the technical indicators.

Regardless of the pair's elevated volatility yesterday, neither the distribution between the longs (34%) and shorts (66%) nor the distribution between the buy (65%) and sell (35%) orders have been subject to change during the last 24 hours.