USD/JPY reveals ascending pattern

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


After almost touching the 122.50 mark, the USD/JPY currency pair started a decline, which shortly reached below the 121.40 mark and the 50-hour simple moving average. However, by the middle of the day's European trading hours, the US Dollar had recovered against the Japanese Yen back above the 122.00 level. Namely, a consolidation of gains to the previous high has occurred.

In the meantime, it was spotted that the surge has been going on in a channel up pattern. In addition, take into account the late 2015 high level at 123.70.

If the currency exchange rate continues to gain, the pair would have to pass the 122.50 mark's resistance,. Afterwards, the rate is expected to find resistance in round exchange rate levels and the upper trend line of the channel up pattern, prior to reaching the late 2015 high level at 123.70.

However, a decline is highly likely going to find support in the 122.00 mark, before approaching the 50-hour simple moving average and the lower trend line of the channel pattern.
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