USD/JPY finds support at 55-hour SMA

Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 40% 42% -5.00%
Shorts 60% 58% 3.33%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral 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

The bullish sentiment that prevailed this week was stopped abruptly by the weekly R1 at 113.58. As a result, the pair breached a short-term ascending wedge and tried to edge lower until the 55-hour SMA located circa 113.30 was reached.  

The bottom boundary of a one-week channel has not yet been reached. Thus, the pair might try to push for this line today. However, the 55-hour SMA might provide significant support. 

It is likely that this moving average guides the pair for most of this session, thus stranding the US Dollar between this line and the weekly R1. The latter is likewise located near December high of 113.68. 

On the other hand, the ultimate daily low is likely to be the 113.00 area where the 100– and 200-hour SMAs and the 50.0% Fibo are located.

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.