USD/JPY is no longer considered bullish

This week USD/JPY was sidelined, presumably because of bulls' unwillingness to enhance their exposure to the U.S. Dollar, as overhead lies the rising resistance line at 103.47/19. Additional obstacles on the currency pair's path upwards will be 104.45/103.97, 106.76 and 108. In the meantime, supports at 101.44, 100.88/62 and 99.98/63 should be able to lower the chance of the price falling outside the channel up pattern.

Traders' sentiment towards the Japanese Yen has experienced a significant change. Yesterday only 28% of market participants believed it could decline, today the situation is completely different—already 55% of positions are short. The percentage of buy positions fell as well, but to a much lesser degree, to 69%.