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On Thursday, the USD/JPY currency exchange rate found enough support in the zone at 118.35/118.45 to start a sharp surge. By the middle of Friday's trading the pair had reached once again above the weekly R2 simple pivot point at 119.04 and the 119.00 mark.
In the meantime, it was spotted that during the last three trading sessions the pair has been ascending in a channel up pattern.
If the Japanese Yen continues to decline against all currencies, on the USD/JPY charts it might soon result in a test of the resistance of the channel up pattern and the 119.50 mark. If the pattern is broken, most likely the 120.00 level would slow down or stop a surge.
However, a move downwards is expected to find support in the 119.00 mark and the weekly R2 simple pivot point at 119.04. Further below, take into account the 50-hour simple moving average and the channel up pattern's lower trend line.
Fri, 18 Mar 2022 13:00:19 GMT
Source: Dukascopy Bank SA
On Thursday, the USD/JPY currency exchange rate found enough support in the zone at 118.35/118.45 to start a sharp surge. By the middle of Friday's trading the pair had reached once again above the weekly R2 simple pivot point at 119.04 and the 119.00 mark.
In the meantime, it was spotted that during the last three trading sessions the pair has been ascending in a channel up pattern.
If the Japanese Yen continues to decline against all currencies, on the USD/JPY charts it might soon result in a test of the resistance of the channel up pattern and the 119.50 mark. If the pattern is broken, most likely the 120.00 level would slow down or stop a surge.
However, a move downwards is expected to find support in the 119.00 mark and the weekly R2 simple pivot point at 119.04. Further below, take into account the 50-hour simple moving average and the channel up pattern's lower trend line.