USD/JPY tests down-trend

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 39% 40% -2.56%
Shorts 61% 60% 1.64%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Buy Sell
Alligator (13; 8; 5) Buy Buy Neutral
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

USD/JPY demonstrated slight momentum sideways until mid-Friday when the pair surged up to the 112.60 mark. The given appreciation was not hindered by the 100– and 55-hour SMAs; however, the given lines provided enough support to make a U-turn early today. The US Dollar has approached an intermediate down-trend near the 112.90 mark, suggesting that its direction may turn south. Meanwhile, technical indicators still predict some minor upside potential. Its scope, however, is yet to be seen. From downside, the pair may find support by the 55-, 100– or 200-hour SMAs. In case strong bearish momentum takes over, the main bottom limit for the following 24 hour should be the monthly PP at 111.39, reinforced by all three SMAs on the daily chart.

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