USD/JPY forms symmetrical triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Positions Today Yesterday % Change
Longs 46% 46% 0.00%
Shorts 54% 54% 0.00%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Sell
Alligator (13; 8; 5) Sell Sell Buy
SAR (0.02; 0.2) Sell Sell Buy
Aggregate

Thursday's morning started relatively calm, as USD/JPY was driven by low volatility for most of the session. It met resistance at the 200-hour SMA which was eventually breached, thus allowing the US Dollar to approach the upper boundary of a symmetrical triangle. However, strong downside risks pressured the rate for a plunge down to the lower boundary of this pattern. The Greenback subsequently made a U-turn, demonstrating its willingness to edge higher once again. The closest resistance cluster is formed by the monthly PP and the 100-hour SMA circa 111.40, while the 20-, 55– and 200-hour SMAs are not distant either. In case nothing shakes the market unexpectedly, the pair is likely to push up to the 200-hour SMA where it may meet hindrance or even halt its upward motion. Bottom limit—110.50.

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