USD/JPY daily overview

2018年2月28日

Due to the fluctuations caused by Jerome Powell's testimony on Tuesday, which broke all previous junior and medium scale patterns, a broader look at the USD/JPY currency exchange rate is done.

In general, the pair has revealed a long term channel up pattern in the borders of the long ago spotted dominant descending channel. In addition, there is another notable pattern. As the pair rebounded against the ascending pattern's support, it formed an up trending pattern.

Meanwhile, on Wednesday the rate was set to meet with a strong support cluster near 107.0, which would propel it to test dominant resistance near 107.80.

2018年3月1日

註釋

The support level described on Wednesday did not manage to hold its ground. As a result one can spot a large, red hourly candle on the USD/JPY currency pairs charts. Although, the sudden drop was stopped by a medium scale pattern’s lower trend line, which on Thursday was acting as a resistance.

Meanwhile, the large scale descending channel was once more adjusted, as its exact borders have been mysterious during this week.

However, most attention should be given to the newly spotted channel down pattern, which might guide the pair lower. That would occur after a resistance cluster is met just below the 107.00 mark.

2018年3月2日

註釋

The Dukascopy research team has abandoned the idea to map the USD/JPY with a short term pattern. The reason for the decision is that the US Dollar is too volatile against the Japanese Yen. The volatility is largely caused by politics and monetary policy.

However, the larger scale descending trend has been confirmed and one can observe that the rate is going lower and lower. Although, the currency pair does make stops near various pivot point levels.

By taking that into account, we expect the pair to next decline down to the 105.17 level where the next support is located at.