US Dollar Index Technical Analysis: It is not over yet
The US Dollar Index (DXY) is heading back in a bit of push-and-pull from what we saw earlier this year. Traders are keeping a half eye on the USD/JPY and should have it easy to time when the DXY will roll over or steam on higher. With the opposing comments from the BoJ and Ministry of Finance of Japan, markets are set to challenge if USD/JPY can head back to 160.00, which means some more US Dollar strength could be on the horizon.
On the upside, 105.52 (a pivotal level since April 11) needs to be recovered through a daily close above this level before targeting the April 16 high at 106.52 for a third time. Further up and above the 107.00 round level, the DXY index could meet resistance at 107.35, the October 3 high.
On the downside, the 55-day and the 200-day Simple Moving Averages (SMAs) at 104.54 and 104.25, respectively, should provide ample support. If those levels are unable to hold, the 100-day SMA near 103.89 is the next best candidate
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