USD/JPY breaks pattern

Source: Dukascopy Bank SA


The channel up pattern had continued to guide the USD/JPY through resistance levels as far as 145.85. However, on Tuesday a decline occurred during which the lower trend line of the pattern was broken. By late trading hours of the day, the pair was finding support in the 144.90/145.10 range and the 50-hour simple moving average.

A resumption of the broader surge is set to face resistance in the combination of the 146.00 level, the weekly R1 simple pivot point at 146.08 and the early Tuesday's high at 145.85. Higher above, the 146.50 and 147.00 levels might act as resistance.

On the other hand, a decline of the rate below 144.90 could be slowed down by the 100-hour simple moving average and the 144.50 and 144.00 levels. Further below, note the combination of the weekly simple pivot point at 143.80 and the 200-hour simple moving average.
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Tue, 15 Aug 2023 19:04:29 GMT

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Tue, 15 Aug 2023 18:46:04 GMT

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