FX.co ★ USD/JPY Price Analysis on August 23

The USD/JPY pair passed the supporting trendline of the ascending channel pattern which guided the rate since August 15. However, the 100-hour simple moving average almost immediately provided the pair with additional support. Afterwards, the rate returned to trading in the borders of the channel.

On Monday morning, the USD/JPY currency exchange rate was testing the resistance at the 110.00 level.

In the case that the price manages to surge, it could reach the resistance of the weekly R1 simple pivot point at 110.32. On the other hand, a decline would most likely find support in the 55 and 200-hour simple moving averages and the lower trendline of the ascending channel pattern in the 109.80/109.90 zone.