USD/JPY threatens intactness of major up-trend

The chances USD/JPY is going to continue its long-term recovery are gradually melting, as the currency pair is slowly but surely eroding the major up-trend line. Once this process is finished, the support near 101.10 will most likely become the next target, a level that proved to be of importance to the market earlier this year. But there is still some hope left for the bulls represented by the monthly technical indicators that are mostly pointing upwards.

At the moment 72% of traders expect the greenback to appreciate relative to the Japanese Yen, even though the conditions do not seem to be favourable. Meanwhile, the share of buy orders 50 pips from the spot price plummeted from 68% down to 51%.