USD/JPY retreats below 115.00

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Source: Dukascopy Bank SA


At mid-day on Thursday, the USD/JPY currency exchange rate reached below the mid-February low level zone and the 115.00 mark. However, the event did not result in a follow-up decline, as the pair found support in the weekly S1 simple pivot point at 114.89.

If the US Dollar passes below the 114.89 level against the Japanese Yen, the rate could look for support in the lower trend line of a channel down pattern, which has guided the rate since February 10. Below the trend line, the pair might find support in the weekly S2 simple pivot point at 114.19 and the support zone of the February low levels near 114.20.

On the other hand, a recovery of the USD against the JPY might encounter resistance in the 115.00 mark, before the pair approaches the combined resistance of the 50, 100 and 200-hour simple moving average at the 115.50 mark. Above the 115.50 mark, take into account the upper trend line of the channel down pattern.
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