USD/JPY Analysis: Still above large channel
|USDJPY
The US Dollar depreciated 0.05% against the Japanese Yen since Wednesday's session. The currency exchange rate fit back into the pattern during the previous trading session but broke the large descending channel again at the 111.34 mark during Thursday's morning hours.
In regards to the future, most likely, the rate should go upwards due to the SMAs support combined with the help of the large descending channel upper boundary line, giving a new direction to the USD/JPY pair on Thursday.
However, the weekly R1 at the 111.72 may resist to push the rate back to the previously drawn pattern.
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