USD/JPY Analysis: Ffails to break above 110.68
|In line with expectations, the Dollar continued to advance against the Yen in a junior ascending channel, successfully crossing the upper boundary of a formed dominant formation. However, an effect from release of data on the US PPI was not as strong, as with other currency pairs. Namely, the pair made two attempts to climb above the 110.68 level but failed. Due to pressure from the 55-hour SMA, which is moving along the pattern, the pair is likely to make one more attempt to reach the weekly R2 at 110.98. At the moment, the only factor that could push the pair through this resistance, which is additionally strengthened by the monthly R1 at 111.26, is a release of data on the US CPI and Core Retail Sale. Otherwise, these technical indicators will force the rate to make a rebound.
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