USDJPY Analysis: Attempts to break through 111.80
|As was anticipated, the US Dollar was able to outperform the Japanese Yen on Monday. Further gains could be limited by the 111.80 level, namely the monthly PP, which could result in the recently acquired up-trend to be broken. A successful surge above the mentioned pivot point is expected to prolong the given pair's bullish momentum and put the monthly R1 at 113.35 into perspective. Technical studies, however, are unable to confirm the possibility of such an outcome, thus, we should not rule out the bearish scenario—a break of the up-trend. Even though the pair is supported by a number of significant levels, downside risks persist amid political and fundamental uncertainties. Ultimately, the pair could slide back to 109.22 if the up-trend gets pierced today.
Interested in USD/JPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.