USD/JPY declines more than expected

Source: Dukascopy Bank SA


Two recent low levels booked by the USD/JPY currency exchange rate have revealed that the lower trend line of the channel down pattern is located at a different level. However, the rate has still continued to respect the upper trend line of the pattern and declined.

In the meantime, note that the 55-hour simple moving average has been providing resistance to the currency exchange rate since early Monday's trading. Meanwhile, the pair had mostly ignored the support of the 100 and 200-hour simple moving averages near 109.20 and 109.10.

In the near term future, the rate could be pushed into the support of the 109.00 level. If the 109.00 level fails to hold, the rate could decline as low as 108.60. On the other hand, a breaking of the pattern and the 55-hour SMAs resistance would result in a surge to the 109.70/109.80 zone.
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