USD/JPY heads towards 113.00

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 32% 34% -6.25%
Shorts 68% 66% 2.94%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Buy Neutral
Alligator (13; 8; 5) Sell Buy Buy
SAR (0.02; 0.2) Sell Buy Buy
Aggregate

As it was expected, the currency exchange rate failed to climb above combined resistance formed by the 200-hour SMA and the weekly PP at 113.80.  

This rebound as well as release of positive Japan's quarterly GDP data led to a breakout from recently formed ascending channel. As the currency rate crossed not only the 55- and 100-hour SMAs but also the monthly PP at 113.25, the pair is expected to continue heading to the bottom towards an alleged support zone near the 112.98 mark. 

The fact that the rate is also fluctuating in a general downtrend suggests that it should succeed to sneak below the 113.00 level. However, whether this assumption materializes will heavily depend on release of the American retail sales and inflation data.

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