USD/JPY breaks ascending pattern to the upside

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Source: Dukascopy Bank SA


The high volatility of the US Consumer Price Index found support in the combination of the 146.50 level and the 50-hour simple moving average. Afterwards, the 147.00 mark turned into support and by the middle of Friday's trading, the pair had reached above 147.70. Namely, the pair traded above the 1998 high level of 147.60.

A move higher could encounter resistance in the weekly R3 simple pivot point at 147.85 and the 148.00 level. Higher above, note the 148.50 and 149.00 levels.

On the other hand, a decline of the pair is expected to look for support in 147.50 and the combination of the 147.00 level and the 50-hour simple moving average. Further below, take into account the weekly R2 simple pivot point at 146.64.
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