USD/JPY struggles above 98.73

USD/JPY continues to consolidate, being unable to leave the vicinity of the monthly R2 at 98.73 that constantly pulls the price back after the surges. Once the recovery reemerges, the resistance at 101.44/100.77 will come under severe buying pressure. Since this level is not viewed as a ceiling, 103.01 should fall a victim to the up-move soon thereafter.

There was a major change in the attitude of market participants towards the Japanese Yen. Now exactly a half of positions in its crosses are long on the Yen. In USD/JPY bulls take up 52% of the market. The ratio between the buy and sell orders is 72% to 28% respectively.