USD/JPY heads towards 109.59

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

Positions Today Yesterday % Change
Longs 67% 66% 1.49%
Shorts 33% 34% -3.03%
Indicator 4H 1D 1W
MACD (12; 26; 9) Sell Sell Sell
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Sell Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

The USD/JPY exchange rate acted exactly as it was expected. Namely, it made the second attempt to break through the monthly S2 at 108.82, but failed. In result of a rebound, it broke through the upper boundary of a junior descending channel.  

At the moment, it is heading upwards towards a combined resistance level set up a combination of the weekly PP at 109.59 in conjunction with the 100- and 200-hour SMAs. 

Most probably, their combined effort will force the pair to retreat. An aggregate of technical indicators support this possibility by sending strong sell signal. 

But in the meantime, the average market sentiment remains 68.24% bullish, which should not be disregarded in the larger perspective.

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