USD/JPY hits May high

USD/JPY has finally arrived at the May high, but now it may be difficult for the price to cross the supply area between the monthly R1 at 104.12 and 103.74. Accordingly, there is a high possibility of the downside spikes appearing on the chart, even though daily and monthly studies are strongly bullish at the moment. The rising trend-line that has been guiding the pair north since the beginning of November is the first and main defence line.

Right now the distribution between the bullish and bearish market participants is 57% to 43%, meaning most of the traders foresee further appreciation of the U.S. Dollar relative to the Japanese Yen. As for the orders, the share of buy ones surged from 83% up to whopping 89%.