USD/JPY recovers to 130.50

Source: Dukascopy Bank SA


This week, the USD/JPY continued to trade near 130.50. Meanwhile, it was spotted that the currency pair has been ascending in a channel up pattern since January 18.

If the US Dollar continues to surge against the Japanese Yen, the currency would face resistance in the 131.00 level and the weekly R1 simple pivot point at 131.62. Higher above, note the 132.00 level and the upper trend line of the channel pattern.

However, a decline of the pair is expected to look for support in the 50-hour simple moving average and the lower trend line of the channel up pattern near 130.00.
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