USD/JPY Continues To Trade Sideways

This article was originally published on this site

Previous forecast worked—the USD/JPY currency pair continued to trade sideways around the 112.00 level.

Given that the pair is still pressured by the monthly R1 and the upper boundary of the long-term descending channel at 112.00, it is unlikely, that some upside potential prevails in the market.

If the support level formed by the 55-hour SMA at 111.98 holds, it is likely, that the pair continues to trade sideways.

– advertisement –

However, if the given resistance does not hold, it is expected, that exchange rate targets the 112.30 level.