USD/JPY dips through 119

Demand at 119 turned out to be insufficient to prevent further depreciation of the US Dollar, and the currency is now headed toward 118. A sell-off beyond this level is unlikely, being that it is reinforced by the weekly S1, monthly PP and 23.6% Fibo. Still, should the bears break this support, USD/JPY will be expected to descend to 116.00/115.50 (weekly S3, monthly S1, 100-day SMA and 38.2% Fibo).

The distribution between the long and short positions is perfectly unchanged, 58 and 42%, respectively. At the same time, there are relatively less orders to buy the Buck, though they are nevertheless in a majority with 58% of the market.