USD/JPY reaches back above 134.50

Source: Dukascopy Bank SA


On Tuesday morning, the US Dollar manged to pass the resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 133.57 against the Japanese Yen. By the start of the day's US trading, the pair had reached above the 134.50 level and the 134.35/134.55 zone.

In the meantime, it was spotted that the rate's recent recovery appears to have occurred in an ascending channel pattern.

If the pair respects the channel's upper trend line and bounces off it, the rate could look for support in the 134.35/134.55 zone, prior to descending to the 134.00 level and the 200-hour simple moving average near it.

On the other hand, a surge and breaking of the pattern is highly likely to be slowed down by the 135.00 level, prior to approaching the resistance zone at 135.35/135.60, the 135.50 mark and the weekly R1 simple pivot point at 135.40.
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