USD/JPY rallies through 103

The U.S. Dollar is strengthening across the board, as evidenced by USD/JPY surging above the July high. However, the currency pair is yet to close above 103 in order to confirm its intentions to advance further. The next objective could by the monthly R1 at 103.50, but a major test of the current upward momentum will be at 104—the highest point reached during the previous quarter. Meanwhile, most of the indicators are bullish.

The SWFX market participants got encouraged by the pair's recent performance and jumped on the bandwagon. As a result, three out of four open positions are now long. As for the orders, 63% of them are to sell the Dollar.