USD/JPY breaks ascending pattern

Source: Dukascopy Bank SA


The sharp surge of the US Dollar against the Japanese Yen ended on Friday at mid-day. On that day the Chairman of the US Federal Reserve Jerome Powell spoke at an event with the ex-Chairman Bernanke. The comments made by the two caused a run to safety. From a technical perspective, the pair broke the channel up pattern and declined to the support zone at 137.50/137.75.

A recovery from the support zone appears to be slowed down by the 138.00 mark and the 50-hour simple moving average near 138.15. Higher above, note the last week's high levels near 138.50.

Meanwhile, a potential decline of the Dollar against the Yen is set to find support in the 137.50/137.75 zone, the 100-hour simple moving average and the weekly simple pivot point at 137.41. Further below, take into account the 137.00 and 136.50 levels. Besides these levels, there is no technical support as low as 136.30 where the 200-hour SMA was located on Monday.
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