USD/JPY tested monthly S2

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Source: Dukascopy Bank SA
PositionsTodayYesterdayChange
Longs47%45%4.8%
Shorts53%55%-4.3%
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
Aggregate⇘⇘⇒
[ANNOUNCE]

Yesterday, the USD/JPY currency pair tumbled to the monthly S2 at 107.65. During Wednesday morning, the pair reversed north.

[/ANNOUNCE]

Note that the exchange rate faced the resistance level formed by the Fibo 38.20% and the weekly PP at 108.50. If the given resistance holds, it is likely that a reversal south could occur in the nearest future, and the rate could go downwards.

On the other hand, the currency pair could gain support of the 55– and 100-hour SMAs at 108.31 and extend gains in the short run. Note that the pair would have to surpass the 200-hour SMA and the monthly PP, located at 108.74 and 108.95 respectively.

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