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USDJPY Analysis: Re-Tests Trend-Line

USD/JPY continues to trade in the same for the second consecutive day. After testing the weekly S1 at 108.90, the US Dollar managed to gain momentum and re-test the weekly PP at 109.70. It has since been supported by the 55– and 200-hour SMAs. In terms of today’s trading session, it is likely that bulls try to push higher within the following hours, as clear upside potential still exists in the market. If the weekly PP and the two-week trend-line are breached, this might be an early indication of a subsequent surge at least up to the monthly PP circa 110.30. On the other hand, the rate’s failure to edge higher should result in a breakout of all three moving averages and a decline down to the weekly S1 and the bottom boundary of a two-week channel near the 108.80 mark.

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