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Home » Daily Technical Reports » USD/JPY Today Technical Report 06/05/2016

USD/JPY Today Technical Report 06/05/2016

USD/JPY traded in a sideways mode on Thursday, staying below the 107.40 (R1) resistance line. Although there were several attempts to break that level and move higher, none of them found the necessary strength and the rate stayed below that level. A decisive break of that zone is needed to aim perhaps for our next resistance at 107.80 (R2). Another move above that zone could open the way for the 108.70 (R3) hurdle. Our short-term oscillators support that the pair is possible to continue trading higher in the near term. The RSI edged higher and is now testing its 50 line, while the MACD, although negative, stands above its trigger line and looks to be headed towards zero. Switching to the daily chart, I still see a longer-term downtrend. As a result, I would treat the recovery from 105.50 (S2), or any extensions of it, as a corrective phase for now.

YEN 06

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