USD/JPY is headed towards 2008 high

Just as in many its other crosses, the U.S. Dollar took a break from appreciating here as well. But considering that the currency has recently closed above a strong resistance and most of the technical indicators are bullish, there should be no pronounced bearish corrections until the next tough obstacle at 108. By overcoming the latter hurdle USD/JPY will pave the way for a test of the 2008 high, which is comfortably residing at 111.

The bearish views with respect to USD/JPY are getting more and more popular (from 60 to 62%), as the pair continues to move further North. At the same time, the relative amount of buy orders declined from 62 to 54%.