USD/JPY breaks pattern

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


The pair was expected to surge during later Monday's trading hours, as the US Treasury increased its debt by issuing new bonds. Namely, more USD was pumped into the global market from thin air. The event forced the USD/JPY to pass below the lower trend line of the ascending wedge, the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 147.83.

After the decline, the rate started to consolidate in the 147.15/147.50 range. The rate is waiting for the Federal Reserve rate announcement on Wednesday at 19:00 GMT. The event will set the course of the pair for the next couple of months.

In regards to the near term until the event, the pair could recover and face the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 147.65/147.85 range. Above these levels, the 148.00 level might act as resistance.

On the other hand, a decline is set to look for support in the major support range at 146.65/147.10, the 147.00 mark and the weekly S1 simple pivot point at 146.97.
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