USDJPY Analysis: Does not succeed to break above 111.00

As it was forecasted, in the middle of the day the currency pair indeed tried to soar to the weekly S2, which is located at the 110.98 level, but failed. Accordingly, the rest of the day the rate spent in a red zone. Fortunately for the buck, a combined support formed by the 100-hour SMA and the monthly PP at 109.76 forced the pair to make a turn around. For this reason, the first half of this trading day the currency rate is expected to spend in an upward movement with a preliminary target located near the 110.80 mark. The further movement of the pair will depend on release of information on the US Core Retail Sales as well as on remarks that will be made after the latest ballistic missile test made by North Korea.


This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.