The Buck managed to outperform the Japanese currency yesterday, but barely succeeding in climbing over the 105.00 major level. Despite the miraculous rally, the Yen is expected to post gains against the US Dollar once again today, therefore, returning to the trading range between 104.00 and 105.00. A drop lower is unlikely, as the pair is supported by a strong cluster around 104.20, formed by the weekly S2, the monthly PP and the 20-day SMA. Technical indicators in the daily timeframe are unable to confirm this scenario, but the weekly and the monthly ones suggest the Greenback is to keep declining against the Yen.
The US Dollar keeps declining against the Japanese Yen, unable to pierce the five-day resistance line. Today the USD/JPY pair is also supported by another possible trend-line, which first emerged on July 8, but another confirmation of the line is required to determine its credibility, Dukascopy experts said (rated among the TOP Forex Brokers Masterforex-V World Academy http://www.masterforex-v.com/).
