USD/JPY declines below 114.00

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Source: Dukascopy Bank SA


The USD/JPY currency exchange rate bounced off the 114.70 level, which is the 2017 November high level, on Tuesday. This resulted in a decline, which one by one passed the support of the 55, 100 and 200-hour simple moving averages. During Thursday European evening hours, the pair had reached the support of the weekly simple pivot point at 113.64.

Meanwhile, it was spotted that the recent decline has occurred in a rather small channel down pattern. The pattern could remain intact in the short term future.

If the rate declines, it would test the support of the weekly simple pivot point at 113.64. A passing below the pivot point would only have the support of the mentioned channel down pattern's lower trend line.

On the other hand, a surge would first test the pattern's resistance line. Afterwards, the 55 and 100-hour SMAs could act as a resistance near 114.20. Above the 114.20 level, the 114.40, 114.50 and 114.70 levels could provide resistance, as they have done in the recent past.
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Thu, 21 Oct 2021 15:02:09 GMT

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