USD/JPY breaks pattern

Source: Dukascopy Bank SA


The USD/JPY has declined more than expected, as the rate has broken the broad channel down pattern. However, on Monday, the pair appeared to have found support near the 139.50 level. The follow-up recovery has encountered resistance in the prior 2023 low level at 140.80 and the 50-hour simple moving average.

A move above the 140.80 level, the 50-hour SMA and the 141.00 mark is expected to face the combination of the 100-hour simple moving average, the 141.65/142.00 range and the weekly simple pivot point at 141.62. In the meantime, note the descending 200-hour simple moving average. If these levels fail, the weekly R1 and the 143.00 level might act as resistance.

On the other hand, a resumption of the prior decline is expected to find some support in the late 2023 low level at 140.35 and the recent low levels near 139.50 and the weekly S1 simple pivot point at 139.44. In general, it might be the case that the whole 139.40/139.60 range is confirmed as support in the near term future.
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