USD/JPY bulls discouraged by 100.21/99.91

Overall USD/JPY is closing in on 100.21/99.91 cautiously, looking for some support to recommence advancement. An area at 98.59/46 could become the platform for the price to gain momentum, though a dip down to 97.81/65, the bullish support line of a channel up, the start of which date backs to the very beginning of this year, remains highly possible, being that there appears to be concentration of supply overhead.

It appears conviction of traders that the U.S. Dollar is going to outperform the Japanese Yen has deepened, since the portion of long positions on the pair increased up to 75% from yesterday's 72%. Also many wish to buy the pair on dips, as 75% of orders placed are to enter longs.