USD/JPY passes resistance zone

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


At midnight to Wednesday, the US Dollar passed the resistance zone of the late February and early March high level at 115.70/115.80 against the Japanese Yen. Afterwards, the pair confirmed the zone as support and resumed its surge. A potential target for the rate could be the 116.00 level. Meanwhile, it was spotted that the currency pair has been surging in a narrow channel up pattern since late Friday.

If the USD/JPY reaches above the 116.00 mark, next resistance would be the 116.25/116.35 zone and the weekly R2 simple pivot point at 116.30. Higher above, resistance might be encountered at 116.50 and 116.79.

Meanwhile, a decline of the USD against the Yen could look for support in the lower trend line of the channel up pattern. Afterwards, the 115.70/115.80 zone is highly likely set up to stop a decline.
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