USD/JPY to rebound from 105.20/104.92

USD/JPY has just encountered the resistance at 105.20/104.92 and it is therefore set to decline in the near-term regardless of the bullish signals on the weekly and monthly charts. The closest significant support is at 104.12, but 103.74/56 is more probable to prove to be a turning point, since it is formed by the May high, up-trend line and other studies as well.

Despite the recent activity of USD/JPY the SWFX traders are reluctant to alter their positions—the longs take up 56% of the market. Meanwhile, the ratio between the buy and sell orders is significantly more volatile, the share of the former within 100 pips from the price advanced from 65% to 70%.