HomeContributorsTechnical AnalysisUSD/JPY Rises To 112.70

USD/JPY Rises To 112.70

An absence of any significant news in first half of the previous trading session expectedly led to a rebound from support zone located near the 112.10 mark. But then reports about agreement reached on tax reform by the House and Senate caused a spike up to the 112.70 mark.

As further path to the north is obstructed by the falling 100- and 200-hour SMAs together with the weekly PP, the Dollar is unlikely to gain much value against the Yen.

On the other hand, the 55-hour SMA in conjunction with the 50% Fibonacci retracement level should allow an active plunge as well. As a result, before the advent of some substantial news, the pair is expected to move horizontally between the above support and resistance barriers.

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.

Featured Analysis

Learn Forex Trading