USD/JPY approaches support below 1.09 mark
Due to the previous forecasts failing, a review of the USD/JPY pair has been conducted. It was revealed that the pair remains on a large scale in a descending channel.
However, the recent surge of the US Dollar against the Yen occurred due to encountering a support of a long term channel up pattern. It was followed by a rebound, which can be observed on the chart. Although, it has ended and a short term decline has started in a presumed descending channel pattern.
In regards to Friday’s trading , it can be expected that the rate will reach the monthly S1 and the support of the long term channel at 108.82.
However, the recent surge of the US Dollar against the Yen occurred due to encountering a support of a long term channel up pattern. It was followed by a rebound, which can be observed on the chart. Although, it has ended and a short term decline has started in a presumed descending channel pattern.
In regards to Friday’s trading , it can be expected that the rate will reach the monthly S1 and the support of the long term channel at 108.82.
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