USD/JPY approaches support below 1.09 mark

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 69% 64% 7.25%
Shorts 31% 36% -16.13%
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) Sell Buy Sell
Aggregate

Due to the previous forecasts failing, a review of the USD/JPY pair has been conducted. It was revealed that the pair remains on a large scale in a descending channel. 

However, the recent surge of the US Dollar against the Yen occurred due to encountering a support of a long term channel up pattern. It was followed by a rebound, which can be observed on the chart. Although, it has ended and a short term decline has started in a presumed descending channel pattern.

In regards to Friday's trading , it can be expected that the rate will reach the monthly S1 and the support of the long term channel at 108.82.

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