USD/JPY shortly trades outside pattern

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Source: Dukascopy Bank SA


Despite piercing the lower trend line of the channel down pattern, the USD/JPY returned to trade in its borders. Namely, the support zone at 114.96/115.04 acted as support and caused a recovery. By the start of Tuesday's US trading hours, the rate had recovered to the combined resistance of the 100-hour simple moving average, weekly simple pivot point and the upper trend line of the channel down pattern at 115.64/115.68.

A move above the technical resistance levels at 115.64/115.68 would leave the pair with no technical resistance as high as the January high level zone at 116.20/116.35. In addition, the weekly R1 simple pivot point was located in the zone. Above this zone, there is no resistance as high as the weekly R2 simple pivot point at 117.04. However, take into account that the 116.50 and 117.00 levels might act stop a surge.

On the other hand, a decline of the USD/JPY would have to pass the 50 and 200-hour simple moving averages at 115.45 and 115.55 and a resistance and support zone at 115.45/115.50, before aiming at the 114.96/115.04 levels.
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