Dukascopy

USD/JPY: channel's upper border at risk

FX:USDJPY   U.S. Dollar/Japanese Yen
39 0 1
"A clearer picture of (the first quarter) is coming together now, and it's not looking like a particularly strong quarter for the U.S."
- Westpac Banking Corp. (based on Reuters)

Pair's Outlook
Even though the USD/JPY             currency pair closed trade at the descending channel's resistance line, upside risks are now higher. A failure to reacquire the bearish momentum today is to lead to the breakout of the channel, with the closest resistance located at 113.85, represented by the weekly R1. In case the immediate resistance is pierced, we should then see the Buck retake the 114.00 yen level and eventually put the tough cluster around 114.75 to the test. However, due to mixed technical indicators in the daily timeframe , there is a possibility that Fed Yellen's dovish statement will push the pair lower towards the weekly PP at 112.53, therefore, preserving the bearish channel.

Traders' Sentiment

Today 71% of traders hold long positions (previously 74%), while all pending orders are equally divided between the buy and the sell ones.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out