USD/JPY stalls at 104.92/71

The currency couple still lacks bullish momentum in order to overcome the up-trend resistance line, thus increasing a possibility of yet another bearish correction. Even if this is the case, the retracement should not last for long, since USD/JPY retains explicitly bullish bias on all time-frames. Accordingly, the monthly pivot point at 104.09 is expected to provide sufficient support.

The negative with respect to the U.S. Dollar sentiments keep on strengthening. Currently as many as 65% of traders believe the U.S. Dollar is going to weaken relative to the Japanese Yen. Among the orders, the percentage of buy ones is on the decline—it retreated from 67% down to 63%.