USD/JPY recovers in channel pattern

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


The USD/JPY currency rate hit a low level on Thursday, as the pair shortly traded below the 114.50 mark. Note that the 114.50 level had been pierced on Monday and on Thursday. Afterwards, the rate began a recovery. By the start of Friday's US trading hours, it was spotted that the rate had been recovering in a channel up pattern.

If the currency exchange rate continues to surge,it would have no resistance as high as the 2022 high level zone at 116.25/116.35. In addition, note the weekly R2 simple pivot point at 116.30. However, the 116.00 round exchange rate level could act as resistance to the USD/JPY rate's potential surge.

On the other hand, a decline of the pair might look for support in the lower trend line of the channel up pattern and the weekly R1 simple pivot point at 115.63. A passing of these levels is highly likely to find short term support in the 115.50 mark, before a decline to the cluster of support levels at 115.00/115.21 occurs. The cluster of support levels consists of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
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