USD/JPY Analysis: Determined to reach consolidation trend’s boundary

Dukascopy Bank Team Dukascopy Bank SA

"Technically, it's important for the dollar to get back to 115, which is a nice figure to target, but I think a lot of investors are probably playing from the long position and it's difficult to get a new wave of buyers to give it that extra kick."

– State Street Global Markets (based on Reuters)

Pair's Outlook
The overall picture did not change on Monday, as the USD/JPY pair keeps consolidating between 111.50 and 115.00. The Buck has sufficient space to edge higher again, even though the 20-day SMA and the weekly PP form resistance quite close to today's opening price. A failure to climb over this resistance cluster is likely to result in a relatively serious decline, with the tough demand area circa 111.70 limiting any possible losses. On the other hand, a successful breach of the nearest resistance would allow the 115.00 area to be retested again, making another step towards reaching the two-year down-trend.
Traders' Sentiment
56% of traders who are bulls, compared to 57% on Monday. The share of purchase orders declined dramatically in the last 24 hours, having fallen from 59 to 38%.

Interested in USDJPY technicals? Check out the key levels

1. R3 113.22
2. R2 113.10
3. R1 113.01
PP 112.89
1. S1 112.79
2. S2 112.68
3. S3 112.58

Author

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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