Daily Forex Technicals |
Written by Dukascopy Swiss FX Group |
Nov 16 16 09:45 GMT
‘I don’t think the dollar’s uptrend will be disrupted easily, but it would not be a surprise to see adjustments after such rapid gains.’ – Takuya Kanda, senior researcher at Gaitame.com Research Institute (based on Market Watch)
Pair’s Outlook
The USD/JPY currency pair continued to appreciate on Tuesday, successfully piercing the weekly R1 at 108.70, also reaching the ascending channel’s upper border. Right now the Greenback is supported by the Bollinger bond, the weekly R1, the monthly R2 and the channel’s lower boundary, preventing the exchange rate from sustaining losses. However, the American Dollar is unlikely to put the resistance area around 110.80 to the test, as there is no impetus present for the Buck to jump that far. Moreover, the channel’s upper border could stop further appreciation around the 110.00 level.
Traders’ Sentiment
Market sentiment reached a perfect equilibrium today. At the same time, the number of pending orders shifted to the positive side, as 51% of them are to purchase the US currency, compared to 47% yesterday.
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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.
USD/JPY Sets Eye On 110.00
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