The support levels identified on Wednesday did not held their ground. Instead a decline has occurred.
The recent volatility caused by the Chairman of the Federal Reserve Jerome Powell has caused the review of all currency pairs. The USD/JPY is no exception to the rule.
During the previous hours the USD/JPY currency exchange rate broke the short term channel down pattern. However, it revealed something more relevant.
The previous short term channel down pattern of the USD/JPY pair has been broken.
Due to the recent decline of the currency exchange rate the situation has been remapped.
A fundamental change has taken place, which has caused the USD/JPY to change its direction.
On Wednesday the USD/JPY currency pair was approaching the resistance of a long term descending channel.
The Decline of the US Dollar against the Japanese Yen has ended. However, it might not be for long.
The Labour Department revealed that the US Producer Price Index climbed 0.4% in January, as forecasted.
The fall has forced the currency exchange rate to the 105.50 mark. However, there is a new development on the charts.
SWFX market sentiment is 71% bullish (-2%) 57% (+4%) of pending orders in the 100-pip range are set to BUY
SWFX market sentiment is 73% bullish (+3%) 53% (-5%) of pending orders in the 100-pip range are set to BUY
The USD/JPY currency exchange rate has been affected by a non-scheduled event.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
Economic activity in the US services sector was the strongest in more than 12 years, supported by rising new orders, suggesting that the economy sustained the strong momentum in the beginning of the year.
The US Dollar suddenly decline against the Japanese Yen and broke the previously drawn ascending channel.
The US Dollar suddenly decline against the Japanese Yen and broke the previously drawn ascending channel.
The USD/JPY currency pair has clearly changed its direction and reached above the 110.00 mark.
The combined resistance of various level of significance near the 109.70 mark has failed to force the USD/JPY rate lower.
During the 24 hours up to the middle of Thursday's trading session the US Dollar had recovered against the Japanese Yen.
After Donald Trump did not announce anything unexpected during his address to the US Congress nothing has much changed on the USD/JPY currency pair's charts.
The US Dollar remained near Monday's trading levels on Tuesday morning. However,
The US Dollar continued to lose ground against the Japanese Yen in the previously set medium term channel down pattern.