USD/JPY reveals pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The support zone of the 108.75/108.80 level failed, as the USD/JPY clearly passed it on Friday and afterwards began to ignore it.

In the meantime, it was spotted on Monday that the 108.60 level provided the rate with support even as early as Thursday. In addition, a descending trend line was added to the chart. The trend line has kept the rate down since the middle of Thursday's GMT trading hours.

In the near term future, the rate was expected to continue to trade between the support of the 108.60 level and the mentioned resistance line. However, both of these levels could be passed.

In the case of the resistance line failing to keep the rate down, the pair could encounter resistance in the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 108.90/109.00 range. On the other hand, the passing of the support of the 108.60 level and the weekly S1 simple pivot point at 108.58 could result in a decline to the 50.00% Fibonacci retracement level at 108.35.
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