HomeContributorsTechnical AnalysisUSD/JPY Breached Medium-Term Channel

USD/JPY Breached Medium-Term Channel

On Monday, the USD/JPY currency pair tried to surpass the 109.95. During today’s morning, the pair broke the lower boundary of the medium-term ascending channel.

Note that the exchange rate is pressured by the 55-, 100– and 200-hour moving averages, currently located circa 109.80. Thus, some downside potential could prevail in the market.

However, if the currency pair fails to surpass the 109.65 level, it is likely that the US Dollar could trade sideways against the Japanese Yen in the nearest future.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
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.

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