Sun, Dec 04, 2022 @ 08:26 GMT
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USD/JPY Analysis: Breaches Channel

On Tuesday, solid upside risks pushed the Greenback through three resistance levels, namely, the 55– and 100-hour SMAs and the weekly PP. As a result, a two-week descending channel was breached to the upside. The given momentum north was halted by the 200-hour SMA at the 112.00 mark. Despite several attempts, the rate failed to move past this level. However, trend indicators are still signalling a strong up-trend; thus, the 200-hour SMA may eventually be breached, setting the weekly R1 at 112.34 as the ultimate upside barrier for this session. Meanwhile, an immediate support is provided by the weekly PP at 111.68. This level is likely to be breached if bears prevail; thus, an intersection of the 100-hour SMA and the monthly PP is a more probable downside limit.

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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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