USD/JPY rebounds from monthly S1

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 68% 69% -1.47%
Shorts 32% 31% 3.12%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

As it was expected, the currency exchange rate reached and bounced off from the monthly S1 located at the 108.82 level. In result of this action, the junior short-term channel has been broken. 

Unfortunately for the buck, the further surge did not follow and it is not expected to resume today as well, as the road upstairs is obstructed by multiple barriers, such as the 55-, 100- and 200-hour SMAs as well as the updated weekly PP at 109.59. 

For this reason, the pair is expected to try to break through the above monthly S1 one more time and, thus, finally reach the bottom support line of a larger scale descending channel.

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