USD/JPY Analysis: Is supported by large pattern line

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

During Wednesday's trading session, the rate was supported by the large pattern line at the 112.60 level. During Thursday's morning hours, the US Dollar was trading between the weekly S1 and the 61.80% Fibo to stay at the 112.82 mark.

In regards to the near-term future, most likely, the US Dollar will be supported by the bottom boundary of the ascending large pattern at the 112.60 level. However, the 55-hour SMA will try to resist the rate to push it to trade downside towards the monthly S1 at the 112.47 mark.

On the other hand, during today's US fundamental events, the US Dollar could appreciate against the Japanese Yen to trade at the 113.00 level.

Interested in USDJPY technicals? Check out the key levels

1. R3 114.02
2. R2 113.63
3. R1 113.43
PP 113.04
1. S1 112.83
2. S2 112.44
3. S3 112.24

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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