A recovery of the USD/JPY pair from the 115.20 level on Monday revealed the lower border of a channel-down pattern. The pattern has been guiding the rate since January 4. During the second half of Monday’s trading, the rate was located between the 115.20 mark and the zone that surrounds the 115.50 level.
If the currency exchange rate declines, the 115.20 mark might act as support. Further below, the 115.00 mark is surrounded by a support zone, which kept the pair up during the end of 2021 trading.
However, a recovery of the US Dollar against the Japanese Yen would have to pass the 115.50 level’s resistance. The 115.50 mark acted as resistance at the end of November. In addition, note the 200-hour simple moving average located next to 115.50. Higher above, note the weekly simple pivot point at 115.64.
