USD/JPY tests support cluster

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs73%74%-1.3%
Shorts27%26%3.5%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuySellSell
SAR(0.02;0.2)SellSellSell
Aggregate

During the previous trading session, the USD/JPY currency pair traded sideways around the psychological level at 108.20.

During Wednesday's morning, the pair was testing the support cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly and monthly PPs in the 107.78/108.05 range.

If the given support holds, it is expected, that a reversal north could occur in the nearest future. Note, that the exchange rate is pressured by the weekly R1 a 108.35. Otherwise, the rate could target the psychological level at 107.60.

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