USD/JPY remains in pattern

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Source: Dukascopy Bank SA


Despite the volatility caused by the release of the US Consumer Price Index data on Thursday, the USD/JPY currency exchange rate has continued to trade in a channel up pattern. The CPI release resulted in a test of the resistance of the high level zone at 116.25/116.35.

The bounce off from the resistance zone provides another reference point for a more precise marking of the channel up pattern, which has guided the pair throughout February. At mid-day on Friday, the USD/JPY was trading sideways near the 116.00 level, as it was approaching the lower trend line of the channel pattern.

If the lower trend line of the pattern acts as support, the rate would once again test the resistance of the 116.25/116.35 zone, before aiming at the weekly R2 simple pivot point at 116.43 and the 116.50 mark. In addition, note that the trend line could be strengthened by the 50-hour simple moving average.

However, a breaking of the pattern might result in a decline to the support of the weekly R1 simple pivot point at 115.83. Further below, note the resistance zone at 115.67/115.70 and the 100-hour simple moving average near 115.56.
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