USD/JPY touches senior channel

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

Positions Today Yesterday % Change
Longs 74% 71% 4.05%
Shorts 26% 29% -11.54%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Buy Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Sell Sell Sell
Aggregate

Then Yen was strengthened by risk-averse investors on Tuesday. This resulted in the USD/JPY exchange rate falling 116 pips down to the 108.20 area. Further decline was stopped by the strong support of the 55– and 100-day SMAs and the 38.20% Fibonacci retracement. 

It is expected that this southern barrier, likewise reinforced by the senior channel line, remains intact today, thus showing some upside potential for bulls. In line with this scenario, the Greenback should approach the 55– and 100-hour SMAs and the 50.0% Fibonacci line at 109.15. 

In case bulls push the pair above this territory, the following notable resistance is the 200-hour moving average and the weekly PP at 109.95. This level should likewise serve as the daily high.

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