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
  • 02
    May

    Startups need to build a growth plan and exit path early in their life cycle to unlock the value cre

  • 03
    May

    Molti investitori istituzionali stanno iniziando a prendere sempre più in considerazione anche le m

  • 03
    May

    The Responsible Finance Institute (RFI) Foundation and the Swiss Arab Network organize the RFI Summi

  • 04
    May

    FinLantern is glad to invite you to a “Sustainable Apero”

  • 04
    May

    Presentazione di una piattaforma omnicanale per aziende con centralini, call center o contact center

See All

newsletter

Updates and news from MarketPlus

Market Overview
SMI® PR8812.83-0,36 %
LYXOR DAX INAV118.943-0,08 %
FTSE MIB Index20647.030,24 %
FTSE 1007217.13-0,28 %
CAC 405276.200,09 %
S&P 5002388.770,06 %
NASDAQ Composite6048.940,39 %
HANG SENG INDEX24610.27-0,36 %
Powered by Yahoo Finance