Despite having appreciated against the Japanese Yen yesterday, the US Dollar still retreated from its intraday high, as it lacked momentum to pierce the second resistance level. Nevertheless, the USD/JPY pair has the opportunity to pierce this supply level today, with the 112.95 level expected to be the intraday high, as it marks the descending channel's upper border. The given trend-line is also reinforced by the upper Bollinger band and the monthly R1, while technical indicators are now giving bullish signals in the daily timeframe. The base case scenario, however, is a close around 112.60.Treasury Secretary Mnuchin's talk of issuing extra-long maturity bonds which may take USD to new high of 113.
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