USD/JPY analysis: Espects descending pattern
|USD/JPY
On Thursday morning, the USD/JPY currency exchange rate approached and bounced off the combination of the upper trend line of the channel down pattern and the 100-hour simple moving average near 113.30. By the start of the day's US trading, the pair was approaching this week's low-level zone at 112.53/112.65.
In the case that the support zone holds, the USD/JPY could retrace back up to the resistance of the 100-hour simple moving average and the upper trend line of the channel down pattern. However, it would be unclear, at which level the rate could meet the mentioned levels, as they are descending.
Meanwhile, a decline below the support zone at 112.53/112.65 could immediately find additional support. The 112.50 mark and the weekly S1 simple pivot point at 112.53 are expected to act as support. Although, there are no additional technical support levels as low as 111.54. Due to that reason, the 112.00 might be the only potential support level below 112.50.
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