USD/JPY's bullishness is challenged by 101.97/80

Although not as confidently as before, but still USD/JPY continues its journey towards the May high at 103.74/67. However, at the moment the currency pair is facing off against the supply area created by the monthly R3 and the weekly R1 at 101.97/80. In case the price is unsuccessful in the nearest future, the pull-back should be limited by the support at 100.72/40.

The ratio between the long and short positions opened on USD/JPY remains unchanged. While the former take up an overwhelming majority of the market—69%, the latter are in a distinct minority with 31%. In the meantime, the buy orders (74%) have an even greater advantage over the sell ones (26%).