USD/JPY rushes to the top

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 45% 49% -8.89%
Shorts 55% 51% 7.27%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Sell Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Buy
Aggregate

In result of the previous trading session, the Dollar appreciated against the Yen by 0.82%. In result of such advance the pair has practically returned to the 113.20 level, which represented significant resistance barrier three weeks ago.  

As now this area is additionally protected by the weekly R2, it seems that the currency rate is going to make a rebound. This assumption is also supported by the fact that in result of the sharp surge the pair formed a short-term rising wedge. Accordingly, it is expected to make a breakout in the southern direction. 

Finally, there is a need to take into account that on daily chart the pair is about to reach the upper trend-line of a long-term, dominant pattern, which additionally points out on an upcoming rebound.

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