USD/JPY eats away 97.34/04

Yesterday a test of the support at 97.34/04 did not result in a strong recovery, only in a shallow rally that was quickly erased. Accordingly, the currency pair remains in the down-trend and thereby poses a significant threat to the rising trend-line that is supposed to guide the price higher in the long run, as shown by the monthly indicators, most of which are giving ‘buy' signals.

Although there are relatively less bulls than yesterday, they nonetheless preserve the undisputed dominance over the bears by taking up 72% of the market (74% 24 hours ago). At the same time the gap between the buy (61%) and sell (39%) orders stays the same.