USD/JPY is bullish

USD/JPY started the week some distance away from Friday's close, but, being that the gap has already been filled, the currency pair may continue moving forward. The closest notable resistance is the monthly pivot point at 103.04, but the price is not expected to stop until it reaches this year's high at 105.43, even though the technical indicators are largely mixed at the moment.

As the U.S. Dollar started to recover, more and more traders are jumping on the bandwagon by entering the market with buy trades. Right now as many as 75% of market participants are holding long positions on USD/JPY. Moreover, 61% of orders 100 pips from the spot may even increase this percentage further.