USDJPY Analysis: Points to possible decline

Dukascopy Bank Team Dukascopy Bank SA

Even though the Greenback was tended southwards on Thursday, it remained stranded between the monthly S2 and the 200-, 55– and 100-hour SMAs for the whole session. The pair was testing the 100-hour SMA and the bottom boundary of a short-term channel circa 110.80 at the time of this analysis. From theoretical point of view, the US Dollar should pick up speed and approach the long-term moving average. This assumption, however, is not supported by technical indicators that suggest a strong decline. This scenario is likely to occur if the 110.80 area is breached. A subsequent fall, however, should not exceed the 110.20 mark where the monthly S2 and the weekly S1 are located. Meanwhile, the upside target for today is the 11.50 mark.

Interested in USDJPY technicals? Check out the key levels

1. R3 112.29
2. R2 111.89
3. R1 111.48
PP 111.08
1. S1 110.67
2. S2 110.27
3. S3 109.86

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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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