USD/JPY could trade upwards - Technical Analysis - Dukascopy Bank

Mon, 07 Dec 2020 11:05:27 GMT
Source: Dukascopy Bank SA
 
PositionsTodayYesterdayChange
Longs67%61%8.2%
Shorts33%39%-16.4%
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellSell
SAR(0.02;0.2)BuySellSell
Aggregate

Since Friday, the USD/JPY currency pair has been trading upwards.

It is likely that the exchange rate could gain support from the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.10/104.20 range. Thus, some upside potential could prevail in the market in the short term.

However, if the predetermined support area does not hold, some downside potential could prevail in the market. In this case the currency pair could decline to the support level—the weekly S1 at 103.67.


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