USD/JPY Analysis: Breaks large channel
|USD/JPY
The US Dollar appreciated 0.37% against the Japanese Yen since Tuesday's session. The currency exchange broke the upper boundary of the large descending channel during the previous trading session.
In regards to the near-term future, the rate will go upwards to the weekly R1 at the 111.72 mark, which should stop the rate and retrace it back to the pattern during the day. The simple moving averages will try to catch up to the rate to give support.
Afterwards, the 55-hour SMA and the upper boundary of the large descending channel may play a role of support to push the rate upwards to pass the weekly R1 at the 111.72 mark or be passed and give way for a fall down to 111.20.
Interested in USDJPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.