The dollar strengthened versus the yen

29 December, 2016

The dollar strengthened versus the yen on the back of the mixed data from Japan. Industrial Production grew less than it was expected. On the other side Retail Trade figures beat all investors’ expectations.

Current situation

The dollar rebounded from its recent low at 117.00 and slowly trended upwards on Wednesday. A fresh buying interest around the greenback supported the pair sending it to fresh multi-month highs. According to the 1 hour chart the price broke the 50-EMA upwards. The 50, 100 and 200 EMAs kept pointing higher. The resistance is highlighted at 118.00, the support comes in at 117.00.

MACD was at the centerline. RSI left the neutral territory and moved north which confirms the current upward momentum.

Trading recommendations

The pair now has the potential to post more gains but first buyers need to retake the 118.00 hurdle. After breaking the level the way towards 119.00 will be opened.

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