USD/JPY passes below support levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


At mid-day on Thursday, the USD/JPY currency exchange rate passed five technical support levels. Namely, the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point and the lower trend line of this week's channel up pattern failed to hold the pair up. Only the 50-hour SMA and the lower trend line of the channel pattern managed to hold the rate up for three hours, before eventually failing.

However, after passing the support levels, the rate surged back above them to the 114.00 level. Due to that reason the future direction of the pair remains unclear.

If the USD/JPY surges, it could eventually reach the resistance of the high level zone at 114.42/114.47 and the weekly R1 simple pivot point at 114.49. Although, the Wednesday high levels at 114.21/114.28 might slow down an upcoming surge.

On the other hand, a decline might be slowed down by the 113.72/113.75 zone before aiming at the wide low level zone at 113.25/113.45.
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