USD/JPY Analysis: Recovers losses

Dukascopy Bank Team Dukascopy Bank SA

The Friday’s trading session for the USD/JPY currency pair started rather calmly, as it remained in the 113.50/20 range. However, bears started to pressure the pair even before US CPI and Retail Sales at 1230GMT in anticipation of weak data. These disappointing expectations realised, setting the US Dollar for a 55-pip fall in one minute. The American currency did manage to recover some losses; however, failed to overcome the 112.70 mark. It is expected that bulls may succeed at pushing the rate slightly higher in this session. Taking into account that it has formed a channel down, gains may be capped near the 112.70/80 mark or, if this level is surpassed, then at the 55-hour SMA circa 113.10. In general, the market is likely to be rather calm today, thus resulting in a lack of volatility for the pair.

Interested in USDJPY technicals? Check out the key levels

1. R3 112.80
2. R2 112.71
3. R1 112.57
PP 112.48
1. S1 112.34
2. S2 112.26
3. S3 112.12

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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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