USD/JPY finds support in 2024 low

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


On Wednesday, the USD/JPY currency pair pierced the lower trend line of the broad channel down pattern. However, the pair immediately found support in the 2024 low level at 140.80. The low level provided enough support for the rate to return to trade between the 142.00 and 143.00 levels.

In the case of a resumption of the prior recovery, the rate would have to first pass above the 143.00 level's resistance. Higher above, note the 143.50/143.75 range and the weekly simple pivot point, together with the 200-hour simple moving average.

A decline of the US Dollar against the Yen would first look for support in the 141.65/142.00 zone and the 50-hour simple moving average, prior to approaching the combination of the 2024 low level at 140.80 and the lower trend line of the channel down pattern.
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