USD/JPY reveals channel down

Source: Dukascopy Bank SA


The USD/JPY has revealed a minor channel down pattern, which captures the rate's decline in the aftermath of the Wednesday's US CPI release surge. Future scenarios were based upon whether or not the rate continues to trade in the pattern's borders.

In the case of the channel down pattern holding, the rate would gradually decline to the support of the 100 and 200-hour simple moving averages somewhere near 109.30. If these levels fail to hold, the pair could reach the 109.00 level.

On the other hand, a failure of the pattern could result in immediate drop to the mentioned simple moving averages and afterwards the 109.00 level.
Back to articles

Actual Topics

Fri, 14 May 2021 07:05:27 GMT

USD/CAD breakout occurs

The US Dollar surged by 81 pips or 0.67% against the Canadian Dollar on Thursday. A breakout occurred through the upper boundary of a descending channel pattern during yesterday' trading session.

Fri, 14 May 2021 06:59:33 GMT

GBP/USD finds support

The decline of the GBP/USD did not reach the support of the 200-hour simple moving average on Thursday. Instead, the rate found support in the 1.4005/1.4015 zone, which had provided both resistance and support on Monday. On Friday morning, the GBP/USD had recovered to the 1.4070 level, where it encountered the 55-hour simple moving average. The 55-hour SMA could provide resistance

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.