USD/JPY re-challenges 104

Although most of the past week the U.S. Dollar was underperforming, in the end it managed to erase the prior losses and jump over the 2014 Q2 high once again. USD/JPY should start following the path implied by the technical indicators and at the same time 104 should prove to be a reliable support. Overall the currency pair has a good chance to re-test the resistance at 105.50, namely the 2014 high, while the main support at 102 is intact.

There is no significant difference between the amounts of bulls (53%) and bears (47%) right now, meaning the sentiment is neutral. As for the orders, 56% of them are to purchase and 44% are to sell the Buck against the Yen.