USD/JPY reaches below 109.50

Source: Dukascopy Bank SA


As the 55-hour simple moving average approached the USD/JPY from above, it pushed the USD/JPY down. At midnight to Friday, the rate had shortly reached below the 109.40 mark. Afterwards, the pair tested the resistance of the 109.60 mark and the weekly S1 simple pivot point at 109.58.

In the case that the rate manages to pass the resistance of the 109.60 mark it would most likely reach for the 55-hour simple moving average near 109.80. Above it, the 100 and 200-hour SMAs and the weekly pivot point surround the 110.00 mark.

However, a decline of the rate could first find support in the mentioned 109.40 level. Afterwards, note the lower trend line of a channel down pattern near the 109.30 mark. Below the 109.30 level, the July low level near 109.07 might provide support.
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