USD/JPY eyes 95.33/94.64

A breach of the upper edge of the rising channel pattern we were following since Nov 1 only adds to bullishness of the pair, which is currently attempting to erode a combination of the weekly and monthly R1 at 93.70/52. Overall USD/JPY is well-positioned to climb as high as 95.33/94.64, but could easily falter there, since 95 is the 33-month high. Moreover, most of predictions by the international banks fall notably below the sport price.

The number of long positions relatively to the amount of short positions is gradually decreasing. Still bulls constitute the majority—54%, but their advantage is slowly melting. On the other hand, there is a distinct prevalence of buy orders (70%) over sell orders (30%).