USD/JPY breaks dominant descending pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Positions Today Yesterday % Change
Longs 54% 56% -3.70%
Shorts 46% 44% 4.35%
Indicator 4H 1D 1W
MACD (12; 26; 9) Buy Buy Buy
RSI (14) Neutral Neutral Neutral
Stochastic (5; 3; 3) Sell Sell Neutral
Alligator (13; 8; 5) Buy Buy Buy
SAR (0.02; 0.2) Buy Buy Sell
Aggregate

The USD/JPY appreciated 0.36% since Wednesday's trading session, locating at the 111.63 level on Thursday morning. The currency pair broke the speculated resistance of a dominant descending pattern. 

Moreover, the rate tested the monthly pivot point at 111.77 trying to break through the resistance on Wednesday, but the resistance is too strong to break due to Fibonacci 38.20% side support. On Thursday, the nearest support level was the Fibonacci 50.00%, while the nearest resistance level was the monthly PP at 111.77 level. 

Most likely the rate will attempt a push higher as soon as the hourly SMAs and the lower trend line of a junior pattern catch up to the surge.

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