USD/JPY surge reaches pattern's resistance

Source: Dukascopy Bank SA


The recovery of the US Dollar against the Japanese Yen has reached the combined resistance of the upper trend line of the channel up pattern, the weekly R1 simple pivot point and the 147.00 mark. In general, the pair could now go anywhere in the borders in the borders of the pattern.

A potential decline of the pair is expected to result in the pair looking for support in the 146.25/146.50 range. Below this range, the 50-hour simple moving average could provide additional support, before the rate reaches the lower trend line of the channel up pattern.

In the case of a resumption of the surge, the pair would have to break the resistance of the 147.00 mark, the weekly simple pivot point and the upper trend line of the channel pattern. If the rate surges, it could do so by breaking the two first levels, but still respecting the pattern's trend line. Higher above, the pair will face resistance in the form of the weekly R2 simple pivot point at 148.07, the 148.00 level and the range that surrounds it.
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Mon, 02 Sep 2024 16:57:22 GMT

Gold shortly pierces support range

On Monday morning, the price of gold shortly traded below the support range that surrounds the 2,500.00 mark. However, by midday, the price was back to fluctuating around the round price level. If the price recovers, it is expected to face the resistance of the 50, 100 and 200-hour simple moving averages that are together located at the 2,510.00

Mon, 02 Sep 2024 16:28:40 GMT

GBP/USD continues in pattern

On Friday, it was reported - "The Pound's decline against the US Dollar has reached the 1.3120/1.3130 support zone. In addition, the pair has revealed a channel down pattern that has guided the rate's decline." By late Monday's trading, the situation was mostly unchanged, as the rate had bounced off the combination of the pattern's lower trend line and the 1.3120/1.3130

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