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The USD/JPY continued to surge, as it was pushed up by the 50-hour simple moving average. Meanwhile, the currency exchange rate remains in a channel up pattern, which had guided the pair since December 17. On December 27, the only close by resistance to the rate was the weekly R1 simple pivot point at 114.91.
In the case that the US Dollar continues to surge against the Japanese Yen, the rate would most likely reach the resistance of the weekly R1 simple pivot point at 114.91. Above the pivot point, the 115.00 mark might act as resistance. Even higher above, the weekly R2 simple pivot point is located at the 115.33 level. Meanwhile, take into account the upper trend line of the channel up pattern.
However, a potential decline of the USD against the Yen would most likely look for support in the lower trend line of the channel up pattern and the 50-hour simple moving average near 114.50. Below the 114.50 mark, the 100-hour simple moving average near 114.30 and the mid-December high levels could act as support at 114.23/114.27.
Mon, 27 Dec 2021 14:28:37 GMT
Source: Dukascopy Bank SA
The USD/JPY continued to surge, as it was pushed up by the 50-hour simple moving average. Meanwhile, the currency exchange rate remains in a channel up pattern, which had guided the pair since December 17. On December 27, the only close by resistance to the rate was the weekly R1 simple pivot point at 114.91.
In the case that the US Dollar continues to surge against the Japanese Yen, the rate would most likely reach the resistance of the weekly R1 simple pivot point at 114.91. Above the pivot point, the 115.00 mark might act as resistance. Even higher above, the weekly R2 simple pivot point is located at the 115.33 level. Meanwhile, take into account the upper trend line of the channel up pattern.
However, a potential decline of the USD against the Yen would most likely look for support in the lower trend line of the channel up pattern and the 50-hour simple moving average near 114.50. Below the 114.50 mark, the 100-hour simple moving average near 114.30 and the mid-December high levels could act as support at 114.23/114.27.