USD/JPY Analysis: Likely to trade sideways

USD/JPY

On Monday, the USD/JPY currency pair traded sideways around the psychological level at 112.00.  

It is unlikely, that the pair could add to gains, as it is pressured by the resistance level—the monthly R1 at the 112.11 mark. Given, that the exchange rate is supported by the 55-hour SMA at 111.96, it is expected, that it continues to trade sideways. 

If the given resistance does not hold, it is likely, that some upside potential prevails in the market, and the rate targets the psychological level at 112.20.

USDJPY

USDJPY

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