USD/JPY is a step away from 2008 high

The U.S. Dollar is poised for even more gains against the Yen—the technical indicators on the daily and weekly time-frames are bullish and the pair has recently bottomed out at 108. If this is the case, USD/JPY will soon reach the 2008 high at 110.72, and the next major peak will then be only the 2007 Dec maximum at 114.70. However, there will still be the monthly pivots at 111.63 and 113.61 standing in the way.

After becoming neutral after the price's drop to 108 the market is returning to being bearish—the share of short positions advanced from 54 to 59%. In the meantime, the portion of buy orders soared from 39 to 65%.