USD/JPY breaks pattern

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


At mid-day on Thursday, the USD/JPY broke the support of the channel up pattern, which had guided the rate since late April. In the near term future, the rate was expected to reach the support of the 109.00 level, which had been impacting the rate throughout the recent history.

If the 109.00 level provides support, the rate would most likely aim at the resistance of the 55 and 100-hour simple moving averages near 109.30. In the case of the SMAs failing to provide resistance, the USD/JPY could reach for the resistance zone near 109.50.

On the other hand, a failure of the 109.00 mark could result in the rate declining first to the 200-hour SMA at 108.90 and afterwards the weekly simple pivot point at 108.80.
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