During Friday’s trading session, the US Dollar broke the support levels of the 55-hour and the 100-hour simple moving averages to end the trading day at the 113.34 mark. During Friday’s morning hours, the rate was located between the 55-hour and the 100-hour SMAs to trade at the 113.46 mark.
The US Dollar will depreciate against the Japanese Yen to trade sideways near the weekly pivot point at the 113.11 mark. Moreover, the 200-hour SMA should support the rate during the trading session on Monday.
However, the currency exchange rate could be supported by the 100-hour SMA to push the rate to trade up towards the weekly R1 at the 114.00 level.
The US Dollar will depreciate against the Japanese Yen to trade sideways near the weekly pivot point at the 113.11 mark. Moreover, the 200-hour SMA should support the rate during the trading session on Monday.
However, the currency exchange rate could be supported by the 100-hour SMA to push the rate to trade up towards the weekly R1 at the 114.00 level.
Note
During the previous day trading session, the US Dollar depreciated against the Japanese Yen by 102 pips or 0.90% and was luckily stopped by the ascending dominant pattern line at 112.50 mark.
Most likely, the US Dollar will appreciate against the Japanese Yen to trade near the 61.80% Fibonacci retracement level at the 112.72 mark.
On the other hand, the rate could pass the support of the descending dominant pattern line to trade towards the 50.00% Fibonacci retracement level at the 112.16 mark.
Note
During the previous trading session, the US Dollar passed through the support level of the monthly S1 at 112.47 mark to end the trading day near the 50.00% Fibonacci retracement level.
Most likely, the US Dollar will get retraced by the resistance level of the monthly S1 at 112.47 mark to pass through the support level of the ascending dominant pattern line to trade at the 111.80 level.
On the other hand, during today’s US FOMC meetings at 19:00 GMT, the rate could break the resistances most of the technical indicators to trade at the 112.80 level.
Note
On Wednesday, the currency exchange rate broke the bottom boundary of the dominant pattern at 112.20 mark. During Thursday’s morning hours, the US Dollar depreciated against the Japanese Yen by 76 pips or 0.68% to trade at the 111.86 mark.
In regards to the near-term future, most likely, the currency exchange rate will trade sideways between the 50.00% Fibo and the weekly S2 at 111.64 mark. Besides, the 55-hour SMA might push the rate to trade at the 111.80 level.
On the other hand, the currency exchange rate could pass the support levels of the weekly S1 and the 38.20% Fibo to trade at the 111.20 level.
Note
The USD/JPY continued its decline until the rate almost reached the 111.80 level. That point suddenly forced a retracement of the currency exchange rate. By using this point new descending patterns were drawn.In general, the rate is expected to resume its decline after trading sideways during the start of the next week. Use these patterns for guidance in the upcoming week.
Dukascopy Analytics will be off during the next week. Meanwhile, the market volatility will be low, as most of the financial field is also on vacation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.