USD/JPY could trade sideways - Market News and Research - Dukascopy Bank

Fri, 12 Jul 2019 10:02:18 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs70%73%-4.3%
Shorts30%27%10.1%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellNeutralSell
SAR(0.02;0.2)BuyBuySell
Aggregate

On Thursday, the USD/JPY currency pair tried to surpass the resistance formed by the 55– and 100-hour SMAs, located circa 108.50. During today's morning, the rate was testing the support formed by the 200-hour SMA at 108.28.

Given, that the exchange rate is squeezed by the given moving averages, it is likely, that it could trade sideways in the nearest future.

On the other hand, if the given resistance does not hold, it is expected, that the rate could target the psychological level at 108.80.

It is unlikely, that bears could prevail in the market, and the pair could drop lower than the 108.00 mark due to the lower boundary of the short-term ascending channel.


Back to feed

To learn more about Dukascopy Bank Forex trading platform, SWFX and other trading related information, please contact us: +41 22 799 4888

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.