Dukascopy

USD/JPY reaches July 2017 maximum at 114.50

FX_IDC:USDJPY   US-Dollar / Japanischer Yen
USD/JPY reaches July 2017 maximum at 114.50

A release of data that beat analysts’ expectations not only signified a breakout from symmetrical triangle pattern but also provided a necessary impulse to reach the maximum of July 2017 located at the 114.50 level. That fundamental event was also significant for a couple of other reasons. First of all, it became evident that the pair is moving in a new minor ascending channel . Second, an upcoming breakout from that pattern is unlikely due to pressure from the 55-, 100- and 200-hour SMAs that are rising along its southern boundary. This, in turn, implies that currency rate has a good chance to bypass the weekly R1 at 114.69 and reach a combined resistance set up by the monthly R1 and the March 2017 maximum at 115.00. Unfortunately, the pair faces a slope on its way that started to form in the end of 2015 and most probably will beat all bullish attempts by the end of the day.
Kommentar: USD/JPY falls to 113.70 but quickly recovers

From technical point of view, the currency rate had all means to make a rebound near the 114.24 mark and make one more attempt to reach the monthly R1 at 114.84. However, changes in ten-year treasury rates led to depreciation of the buck and drove the pair out of an ascending channel. The downfall was not sharp, as the pair managed to quickly recover near the 113.73 mark. Although location of moving averages and pivot points indicate on recovery of the Dollar, there is a need to bear in mind potentially high volatility that could be caused by fundamental factors. Namely, traders might suddenly turn to safe haven Yen if Donald Trump continues his hot rhetoric during the visit to South Korea and other Asian countries.

See more at the Dukascopy Analytics page
https://www.dukascopy.com/swiss/english/marketwatch/market_news/Technical-Analysis/

Check out our trading platform:
https://www.dukascopy.com/land/swiss/
DE Deutsch
EN English
EN English (UK)
EN English (IN)
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Startseite Aktien-Screener Devisen Signal-Finder Kryptowährung Signal-Finder Wirtschaftskalender So funktioniert es! Chartmerkmale Hausregeln Moderatoren Webseite & Brokerlösungen Widgets Stock Charting Bibliothek Feature-Anfrage Blog & Nachrichten FAQ - Häufige Fragen & Antworten Hilfe & Wiki Twitter
Profil Profileinstellungen Konto und Abrechnung Meine Support Tickets Support kontaktieren Veröffentlichte Ideen Followers Ich folge Private Nachrichten Chat Abmelden