USD/JPY puts more pressure on 108

For the time being the demand at 108 is acting as a support. However, the bears seem to be persistent, and we cannot rule out a possibility of a deeper decline. In this case USD/JPY will be expected to pierce through the nearby supports and descend to 106.50, where the pair will have a good opportunity to stabilise at the 38.2% Fibonacci retracement of the Jul 17-Oct 1 rally. Nevertheless, the outlook for the US Dollar remains bullish.

The present distribution between the bulls and the bears is exactly the same as 24 hours ago—40 and 60%, respectively. Concerning the commands placed 100 pips from the current market price, 56% are to purchase the Buck.