USD/JPY turns around ahead of 101

USD/JPY stopped short of dipping down to 101 and made a U-turn, meaning it is now likely to test the monthly PP at 101.77. If the currency pair manages to breach this resistance, there is another significant obstacle for the current rally waiting at 102.04/00. Still, it is also expected to be broken, since most of the technical indicators are pointing to the upside.

The distribution between the longs and shorts remains perfectly the same as last Friday, when 71% of traders believed the U.S. Dollar is going to appreciate relative to the Japanese Yen. As for the orders, 50 pips from the spot price the portion of buy ones contracted from 68% to 33%.