HomeContributorsTechnical AnalysisUSDJPY Analysis: Fails To Break Above 111.26 Two Times

USDJPY Analysis: Fails To Break Above 111.26 Two Times

In line with expectations, until a release of data on the US Retail Sales the currency pair spent in an upward movement. In the process, it made two attempts to break above the monthly R1 at 111.26 but both of them failed.

Due to pressure from the approaching 55- and 100-hour SMAs as well as existence of a recently formed ascending channel, the pair is expected to eventually break through that barrier. An aggregate of technical indicators supports this scenario, sending strong buy signals.

Nevertheless, a possibility of a third rebound and subsequent dissolution of the channel also remains on the table.

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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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