USD/JPY approaches monthly R1

The pair is on the decline for a second week, as the price retreated from a 104 benchmark to a 100.62 is to face the resistance around a 100.44 level, where currently the Bollinger band is located. The Bollinger line sharply increases and any downside movement of the price would contradict technical indicators.

Regardless of the moves in the market, the leading sentiments were always bullish recent months. Currently there are 75% of long positions. Waiting orders market is also heavily bullish with 74% of buy orders outstanding.