The USD/JPY appreciated 0.36% since Wednesday’s trading session, locating at the 111.63 level on Thursday morning. The currency pair broke the speculated resistance of a dominant descending pattern.
Moreover, the rate tested the monthly pivot point at 111.77 trying to break through the resistance on Wednesday, but the resistance is too strong to break due to Fibonacci 38.20% side support. On Thursday, the nearest support level was the Fibonacci 50.00%, while the nearest resistance level was the monthly PP at 111.77 level.
Most likely the rate will attempt a push higher as soon as the hourly SMAs and the lower trend line of a junior pattern catch up to the surge.
