USD/JPY reveals patterns

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


The latest surge of the USD/JPY has been attributed to fundamental events. However, it has been noticed that the currency pair has been surging in two channel up patterns for most of October. Most recently, the pair found support in a range at 152.37/152.47, the 50-hour simple moving average and the lower trend line of the channel up.

The surge of the rate is expected to face the recent high levels near 153.90, the weekly R1 simple pivot point at 153.92 and the 154.00 level. Higher above, the 155.00 mark is bound to act as a major resistance.

However, a potential decline of the US Dollar against the Japanese Yen is unlikely due to the support of the 153.00 level and the lower trend line of the channel up pattern. In addition, the 50 and 100-hour simple moving averages might strengthen the pattern.
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