HomeContributorsTechnical AnalysisUSD/JPY Analysis: Recovers Losses

USD/JPY Analysis: Recovers Losses

The Friday’s trading session for the USD/JPY currency pair started rather calmly, as it remained in the 113.50/20 range. However, bears started to pressure the pair even before US CPI and Retail Sales at 1230GMT in anticipation of weak data. These disappointing expectations realised, setting the US Dollar for a 55-pip fall in one minute. The American currency did manage to recover some losses; however, failed to overcome the 112.70 mark. It is expected that bulls may succeed at pushing the rate slightly higher in this session. Taking into account that it has formed a channel down, gains may be capped near the 112.70/80 mark or, if this level is surpassed, then at the 55-hour SMA circa 113.10. In general, the market is likely to be rather calm today, thus resulting in a lack of volatility for the pair.

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