USD/JPY breaks dominant descending pattern

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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 ⇗ ⇗ ⇒

[ANNOUNCE] 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. 

[/ANNOUNCE] 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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