USD/JPY's bullish momentum gains traction

Though the daily technical indicators are no longer bullish like the monthly studies, but are rather mixed, the U.S. Dollar keeps gaining ground against the Yen. The 200-day SMA at 102.40 seems to be already out of the way, meaning we could soon see a re-test of the July highs. Should this resistance at 103 be broken, the next target will be the monthly R1 level at 103.50, followed by the 2014 Q2 high at 104.

The portion of bulls in the market stays above 70%, meaning the sentiment is strongly bullish towards USD/JPY and traders expect the Buck to appreciate. There are also significantly more buy orders (61%) than the sell ones (39%).