USD/JPY probes resistance at 104

The U.S. Dollar disregards the daily and weekly technical indicators and strengthens relative to the Japanese Yen. As the supply at 103.34 is now out of the way, USD/JPY is facing the resistance at 104.00/103.79, which should prove to be a tough level to breach, as it is mainly created by the 2013 highs. In case it fails to turn the pair around, this year's highs at 105.43 is to become the next target.

According to the view of the market, USD/JPY seems to be crossing a dense supply area. This is evidenced by a precipitous decline in the long positions (from 75% down to 62%) and a substantial increase in the sell orders (from 49% up to 67%) compared to the readings recorded 24 hours ago.