HomeContributorsTechnical AnalysisUSD/JPY Breakout Could Occur

USD/JPY Breakout Could Occur

On Tuesday, the US Dollar surged by 55 pips or 0.50% against the Japanese Yen. The currency pair breached the 55– and 100– hour SMAs during Tuesday’s trading session.

Currently, the exchange rate is trading near the upper line of a descending channel pattern and could be set for a breakout.

If the breakout occurs, a surge towards the 110.40 area could be expected within this session.

However, if the channel pattern holds, bears might drive the currency exchange rate lower today.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

Featured Analysis

Learn Forex Trading