USD/JPY reveals ascending pattern

Source: Dukascopy Bank SA


The USD/JPY has found support in the 146.65/147.10 range and started a surge. The surge is occurring in an ascending wedge pattern. The surge is being supported by the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point, as they have turned into support on Monday.

The surge of the Dollar against the Japanese Yen is set to face resistance of the 148.50 level and the 148.50/148.80 range. In addition, the upper trend line of the range is crossing the resistance range. Above these levels, note the 149.00 mark and the weekly R1 simple pivot point at 149.01.

On the other hand, a decline below the moving average, the weekly simple pivot point and the lower trend line of the wedge could look for support in the 147.50 mark. Further below, note the major support range at 146.65/147.10 and the weekly S1 simple pivot point.
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