USD/JPY aims for 2014 high

Despite a high risk of a pull-back to the July high at 103, USD/JPY preserved a strong bullish momentum. However, the currency pair is getting close to a significant supply area above the level of 105, which is represented by the monthly R1 and this year's high. Accordingly, a dip down to 104 in the coming weeks should not be a surprise, and it will not invalidate the positive outlook. Meanwhile, the daily and monthly studies point North.

There has been a significant change in the distribution between the bulls and bears, as the share of the former has gone from 53 to 39% during the last 24 hours. At the same time, the share of buy orders has plummeted from 56 to 32%.