Sat, Jan 28, 2023 @ 19:41 GMT
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USD/JPY Analysis: Set For Possible Reversal

During the last trading session, the US Dollar managed to recover some losses against the Yen, as political tensions in the Korean peninsula eased. The rate surpassed all three SMAs and the weekly PP just to reach the weekly R1 at 110.51. In addition, the pair managed to breach two descending channels.

The weekly R1 is likely to be a turning point, as technical indicators seek to retrace from the current levels. In case strong fundamental data do not put an upward pressure on the Dollar, the American currency may range between the weekly R1 and PP in this session.

Possible downside limit could be either the 200-hour SMA or the upper boundary of the senior channel down.

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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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