USD/JPY respects pattern

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


First of all, the surge of the USD/JPY has respected the upper trend line of the channel up pattern. However, the trend line might have been strengthened by the 147.00 level. Since the event, the rate retraced to the combined support of the weekly R2 simple pivot point at 146.64 and the 146.65 level. Up to mid-Thursday, the rate was awaiting the US Consumer Price Inflation data.

A higher than expected inflation is set to cause a resumption of the surge and the 147.50 level could be targeted. Higher above note the weekly R3 simple pivot point at 147.85 and the 148.00 level.

On the other hand, a decline could occur, if inflation is below expectations. In this case scenario the rate would look for support first in the 146.50 level and the 50-hour simple moving average, before reaching the lower trend line of the channel down pattern. Further below, take into account the cluster of technical levels at 145.80/146.00.
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