USD/JPY soars from 102.08

USD/JPY soars from 102.08

'It looks reasonable to assume that the yen's weakening will continue.' - a trader at a European bank (based on CNBC)

Pair's Outlook

USD/JPY has once again confirmed topicality of the accelerated up-trend line that is guiding the price north by bouncing off the support at 102.08. The rate has already surged above the weekly R1 and is rapidly approaching the resistance at 103.74/47 (May high). If the Dollar manages to surpass this zone, it will be able to advance to another important level-Jan 2008 low at 104.92.

Traders' Sentiment

One of the most significant changes in the sentiment of the market occurred in USD/JPY, where the bulls are about to give up the majority. Yesterday they took up 62% of the market, but their share dropped nine percentage points, meaning the sentiment towards the pair is now neutr