USD/JPY breaks 2023 channel pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The USD/JPY reached a new high level on Friday. On Monday, the pair was observed as descending in a consolidation, before most likely restarting its surge. The rate was looking for support in the combination of the 50-hour simple moving average, the weekly simple pivot point at 142.91 and the 143.00 mark.

Economic Calendar



This week, the pair could react to the release of US Durable Goods Orders on Tuesday at 12:30 GMT.

On Thursday, the US Gross Domestic Product release is highly likely going to impact the financial markets via an adjustment of the USD value.

On Friday, at 12:30 GMT, the US Core PCE Price Index is set to impact the US Dollar.

Hourly Chart
A move below 142.91 could almost immediately find support in the 142.70/142.80 range that has acted as support on Friday. Further below, note the 100-hour simple moving average near 142.40. The moving average has been pushing the pair up since June 15.

In the meantime, a resumption of the USD surge against the Japanese Yen might be slowed down by the 143.50 and 144.00 levels, before the weekly R1 simple pivot point would be reached at 144.61.

USD/JPY daily chart's review

On the daily candle chart, the pair has passed above the upper border of a broad channel up pattern that has guided the USD/JPY up since the start of the year.

Daily chart



Traders are short

On Monday, on the Swiss Foreign Exchange traders were 74% bearish, as that amount of open position volume was in short positions.

Meanwhile, trader set up pending orders in the 100-pip range around the rate were 69% to buy the USD against the JPY.

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