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The US Dollar has found support against the Japanese Yen in the August low level. However, more notable is the fact that the reversal from this zone has confirmed the existence of a large scale channel down pattern. This week, the pair was encountering resistance in the 143.50/143.75 range and the 100-hour simple moving average, together with the weekly simple pivot point.
Economic Calendar
This week, on Wednesday, the markets will move at 12:30 GMT due to the release of the US Consumer Price Index data.
On Thursday, the US Producer Price Index will be published at 12:30 GMT. There could be a market reaction, if the data deviates from the market consensus forecast.
USD/JPY hourly chart analysis
In the case of a decline, the rate is expected to again find support in the August low levels. Further below, the lower trend line of the pattern might slow down the rate.
On the other hand, a potential recovery of the US Dollar against the Japanese Yen would have to first pass the 50-hour SMA and the 143.00 level. Higher above, note the 143.50/143.65 mark and the 100-hour simple moving average. Above these levels, note the 200-hour simple moving average.
Hourly Chart
USD/JPY daily candle chart analysis
On the daily candle chart, observe the major support range at 137.40/139.40. This zone might act as support, if the pair passes below the August low level of 141.75.