USD/JPY reaches above 114.00

Source: Dukascopy Bank SA


On Wednesday, the USD/JPY passed the resistance of the three hourly simple moving averages and the 114.00 mark. In addition, by connecting recent high and low levels a channel up pattern was spotted on the hourly candle chart.

If the currency exchange rate continues to surge, it could eventually reach the resistance of the high level zone at 114.42/114.47 and the weekly R1 simple pivot point at 114.49. In addition, the 114.50 mark might act as a resistance. Above these levels, the this year's and 2017 high level could be reached.

On the other hand, a decline of the USD/JPY might look for support in the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 113.84/113.88 range.
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