USD/JPY Analysis: Continues to trade sideways

USD/JPY

Previous forecast worked—the USD/JPY currency pair continued to trade sideways around the 112.00 level.  

Given that the pair is still pressured by the monthly R1 and the upper boundary of the long-term descending channel at 112.00, it is unlikely, that some upside potential prevails in the market. 

If the support level formed by the 55-hour SMA at 111.98 holds, it is likely, that the pair continues to trade sideways. 

However, if the given resistance does not hold, it is expected, that exchange rate targets the 112.30 level.

USDJPY

USDJPY

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.