USD/JPY could tumble

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs74%73%1.1%
Shorts26%27%-3.3%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

During Friday, the USD/JPY currency pair surged to the upper boundary of the short-term descending channel located circa 108.07.

During today's morning, the pair was testing the support cluster formed by the 55– and 100-hour SMAs, as well the weekly and monthly PP in the 107.72/107.91 range.

It is expected, that the exchange rate could surpass the given support and continue to decline, as it pressured by the 200-hour SMA, currently located at 108.07.

Otherwise, it is likely, that the rate could trade sideways between the given resistance and support in the short term.

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