USD/JPY analysis: Could trade sideways

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

During today's morning, the USD/JPY currency pair reversed north from the support level—the weekly PP at 103.56.

It is likely that the exchange rate could be pressured by the 55– and 100-hour SMAs in the 104.00 area. Thus, some downside potential could prevail in the market, and the rate could decline to the weekly S1 at 103.03.

However, if the predetermined support level holds, the US Dollar could trade sideways against the Japanese Yen within the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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