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The USD/JPY currency exchange rate has broken the channel up pattern, which guided it throughout last week. On Monday morning, the rate found support in the 100-hour simple moving average and appeared to have paused the decline that started in the aftermath of the breaking of the channel up pattern.
In the case of a surge, the pair would need to pass the resistance of the 55-hour SMA and the 110.33/110.38 zone, which provided resistance throughout the middle of July. A potential surge of the rate would then reach the 110.60 level.
On the other hand, a decline below the 100 and 200-hour SMAs and the weekly simple pivot point just above the 110.00 mark could result in a decline to the weekly S1 simple pivot point at 109.58
Mon, 26 Jul 2021 10:07:53 GMT
Source: Dukascopy Bank SA
The USD/JPY currency exchange rate has broken the channel up pattern, which guided it throughout last week. On Monday morning, the rate found support in the 100-hour simple moving average and appeared to have paused the decline that started in the aftermath of the breaking of the channel up pattern.
In the case of a surge, the pair would need to pass the resistance of the 55-hour SMA and the 110.33/110.38 zone, which provided resistance throughout the middle of July. A potential surge of the rate would then reach the 110.60 level.
On the other hand, a decline below the 100 and 200-hour SMAs and the weekly simple pivot point just above the 110.00 mark could result in a decline to the weekly S1 simple pivot point at 109.58