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
    Jan

    The constant and fast growth of impact investing during the last few years shows the economic signif

  • 25
    Jan

    Why Malta – a vibrant economic environment in a dynamic jurisdiction

  • 25
    Jan

    The Paris Fintech Forum 2017, organized by Altéir with the support of 60+ international partners, a

  • 26
    Jan

    I presidi informativi in fase di implementazione a livello internazionale ed europeo attraverso le m

  • 26
    Jan

    Im Banking steht der Kunde im Zentrum, das war schon immer so. In einem sich stark verändernden Umf

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI PR8229.01-0,56 %
LYXOR DAX INAV110.603-0,73 %
FTSE MIB Index19328.41-0,78 %
FTSE 1007151.18-0,66 %
CAC 404821.41-0,61 %
S&P 5002265.85-0,24 %
NASDAQ Composite5553.57-0,03 %
HANG SENG INDEX22898.520,06 %
Powered by Yahoo Finance