USD/JPY is about to meet support

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

Positions Today Yesterday % Change
Longs 73% 72% 1.37%
Shorts 27% 28% -3.70%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Sell Sell
RSI (14) Neutral Neutral Buy
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Sell Sell
SAR (0.02; 0.2) Buy Sell Sell
Aggregate

Due to the fluctuations caused by Jerome Powell's testimony on Tuesday, which broke all previous junior and medium scale patterns, a broader look at the USD/JPY currency exchange rate is done.

In general, the pair has revealed a long term channel up pattern in the borders of the long ago spotted dominant descending channel. In addition, there is another notable pattern. As the pair rebounded against the ascending pattern's support, it formed an up trending pattern. 

Meanwhile, on Wednesday the rate was set to meet with a strong support cluster near 107.0, which would propel it to test dominant resistance near 107.80.

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