USD/JPY Analysis: Tests 55-day SMA at 111.72

Dukascopy Bank Team Dukascopy Bank SA

"USD/JPY—slightly bearish. We expect the pair may move towards 110.80."

– Fullerton Markets (based on Investing.com)

Pair's Outlook
This trading week has started with the US Dollar appreciating slightly against the Yen. The closest upper limit is set by the 55-day SMA at 111.72. The given resistance was strong enough not to pass the pair through in the previous two sessions; thus, a breakout might be regarded as a bullish sign, leading the Greenback towards the 20-day SMA at 112.37. Today, it might be expected that the pair remains confined within the bounds of the 55-day SMA and the monthly PP. However, it is yet to be seen if the close occurs in the red or green area.
Traders' sentiment
Traders have not changed their bearish outlook in this trading session, as 57% of open positions are short. However, 59% of set up orders are to buy the US Dollar.

Interested in USDJPY technicals? Check out the key levels

1. R3 111.83
2. R2 111.60
3. R1 111.46
PP 111.23
1. S1 111.09
2. S2 110.86
3. S3 110.72

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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