The USD/JPY has continued lower on Monday until it suddenly moved to the upside.
After making an attempt to break the combined resistance of the hourly SMAs, the USD/JPY pair booked a new low level on Friday.
The recently discovered channel up pattern has been already broken. The reason was a fundamental one.
Tuesday saw a large increase of volatility in the USD/JPY currency exchange rate.
After a period of decline the USD/JPY currency exchange rate has resumed the surge and reached new high level.
The surge, which followed the breaking of the long term descending channel's upper trend line, has ended.
The assumption that the decline of the US Dollar against the Japanese Yen has ended has been confirmed by another event.
The US Dollar regained ground against the Japanese Yen on Thursday. Moreover,
The previously drawn pattern have held the ground. In addition, the patient traders
The US Dollar was recovering against the Japanese Yen on Tuesday. The reason for that was
In general, the USD/JPY pair has continued its decline. However, on Monday morning the rate traded sideways.
The short term patterns continue to be broken, as fundamentals dictate the rules on the currency pair's charts.
The support levels identified on Wednesday did not held their ground. Instead a decline has occurred.
The recent volatility caused by the Chairman of the Federal Reserve Jerome Powell has caused the review of all currency pairs. The USD/JPY is no exception to the rule.
During the previous hours the USD/JPY currency exchange rate broke the short term channel down pattern. However, it revealed something more relevant.
The previous short term channel down pattern of the USD/JPY pair has been broken.
Due to the recent decline of the currency exchange rate the situation has been remapped.
A fundamental change has taken place, which has caused the USD/JPY to change its direction.
On Wednesday the USD/JPY currency pair was approaching the resistance of a long term descending channel.
The Decline of the US Dollar against the Japanese Yen has ended. However, it might not be for long.
The Labour Department revealed that the US Producer Price Index climbed 0.4% in January, as forecasted.
The fall has forced the currency exchange rate to the 105.50 mark. However, there is a new development on the charts.
SWFX market sentiment is 71% bullish (-2%) 57% (+4%) of pending orders in the 100-pip range are set to BUY
SWFX market sentiment is 73% bullish (+3%) 53% (-5%) of pending orders in the 100-pip range are set to BUY