Technical Analysis: USD-JPY consolidates above 100.70

"The payroll growth in July is likely to be pretty strong. I expect a figure above 200,000. That should be positive for the dollar." 
– Ayako Sera, Sumitomo Mitsui Trust Bank (based on Reuters)

Pair's Outlook 
Support at 100.70 holds, meaning there is still a good chance of a rally, first up to 103 and then up to 105 yen. The former resistance is created by the monthly pivot point, while the latter a lot denser supply zone is much less likely to let the price increase further. There the bulls will encounter the six-month down-trend and the 55-day SMA. Alternatively, if the scenario suggested by the indicators materialises and both 100.70 and 100 fall victim to the selling pressure, we will expect a bullish correction to start only circa 97 yen, when the rate meets the lower bound of the bearish channel.

Traders' Sentiment 
A portion of bulls fell below the level seen five days ago, namely from 66 down to 61%. As for the orders, however, there is still no gap between the buy (50%) and sell (50%) ones.