USD/JPY is bid, but trades below the 5-day SMA. The pair remains stuck in a falling channel. The USD/JPY pair is struggling to penetrate the 5-day Simple Moving Average (SMA) hurdle for the second straight day. The pair is currently trading near 103.55, having faced rejection at the descending 5-day SMA of 103.63 a few minutes ago. A break above the SMA hurdle would expose the upper end of the falling channel represented by trendlines connecting Jan. 11 and Jan. 19 highs and Jan. 13 and Jan. 21 lows. The channel resistance is seen at 103.95 at press time. A close higher would confirm a breakout and signal a continuation of the recovery rally from the Jan. 6 low of 102.59 and allow a re-test of 104.40 (Jan. 11 high). On the downside, Thursday’s low of 103.33 is the level to beat for the sellers. Daily chart Trend: Neutral Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s SAFE: Current yuan exchange rate within a reasonable and balanced range FX Street 2 years USD/JPY is bid, but trades below the 5-day SMA. The pair remains stuck in a falling channel. The USD/JPY pair is struggling to penetrate the 5-day Simple Moving Average (SMA) hurdle for the second straight day. The pair is currently trading near 103.55, having faced rejection at the descending 5-day SMA of 103.63 a few minutes ago. A break above the SMA hurdle would expose the upper end of the falling channel represented by trendlines connecting Jan. 11 and Jan. 19 highs and Jan. 13 and Jan. 21 lows. The channel resistance is seen at 103.95 at press time. A… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
