25.11.2016

Technical analysis : USD/JPY expected to remain within the channel's borders

by Dukascopy

Pair's Outlook 
The USD/JPY currency pair behaved in accordance with expectations on Thursday, having successfully retaken the 113.00 level and leaving the immediate resistance area intact. Despite technical indicators retaining bullish signals, the Buck now is under higher risk of weakening against the Japanese currency, as the pair still faces a rather strong resistance, now formed by the weekly R2 and the 23.60% Fibo. Even if bulls manage to push the Greenback higher, a surge beyond the ascending channel's resistance line at 114.44 is unlikely. The base case scenario is a decline up to 100 pips, as a slump further would imply a downside breach of the channel pattern. 

Traders' Sentiment 
Today 70% of traders are short the US Dollar, compared to 67% on Thursday. Meanwhile, 58% of all pending orders are to sell the Buck.

400

400


Events


Semptember 2015
  • 24
    Feb

    This year, following companies will attend: Evolution Mining / Perseus Mining / Panoramic Resources

  • 01
    Mar

    Are you considering doing an MBA or Executive MBA ? Then don't miss this opportunity and attend the

  • 02
    Mar

    Private Equity in Zug: Der langfristige Horizont von Private Equity Investoren

  • 02
    Mar

    The Lead Quantitative & Asset Management Event in Europe

  • 07
    Mar

    Festival für Trends und die Zukunftsperspektiven im Marketing

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI PR8569.36-0,19 %
LYXOR DAX INAV114.386-0,43 %
FTSE MIB Index18819.49-0,35 %
FTSE 1007271.37-0,42 %
CAC 404891.29-0,09 %
S&P 5002363.810,04 %
NASDAQ Composite5835.51-0,43 %
HANG SENG INDEX23995.67-0,50 %
Powered by Yahoo Finance