USD/JPY could trade sideways

Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs73%72%0.8%
Shorts27%28%-2.2%
Indicator4H1D1W
MACD(12;26;9)BuySellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)BuyNeutralNeutral
Alligator(13;8;5)NeutralNeutralSell
SAR(0.02;0.2)SellBuySell
Aggregate

On Wednesday, the USD/JPY currency pair tumbled to the 108.20 level. During Thursday's reversed north from the lower boundary of the short-term ascending channel at 107.90.

It is unlikely, that some upside potential could prevail in the market due to the resistance cluster formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP and the Fibo 38.20% in the 108.22/108.61 range.

Note, that the exchange rate is supported by the weekly S1 and the monthly PP at the 107.84 mark. Thus, it is likely, that the rate could trade sideways between the given support and the given resistance.

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.