USD/JPY recovers in pattern

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Source: Dukascopy Bank SA


The USD/JPY has bounced off the January low level near 113.50. The following recovery has occurred in a channel up pattern. Most recently, on Tuesday, the rate encountered resistance in the form of the 200-hour simple moving average and the weekly simple pivot point near 114.15.

A decline of the pair might look for support in the combination of the 50-hour simple moving average and the lower trend line of the recovery's channel up pattern near 113.80. Further below, the January low level at 113.50 is the most close by support level.

Meanwhile, a recovery of the pair might make another attempt at passing the 200-hour simple moving average and the weekly simple pivot point near 114.15, before reaching for the upper trend line of the channel pattern.
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