USD/JPY declines to 108.80

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Source: Dukascopy Bank SA


The attempts to pass the resistance of the 109.25/109.35 zone eventually failed. Afterwards the rate started a decline, which passed the support of hourly simple moving averages and the weekly simple pivot point before reaching the 108.80 level. The 108.80 mark provided support, which resulted in a recovery to the 109.20 level.

At mid-day on Wednesday, the rate was located near the 109.00 level. It could look for support for a surge in the 100-hour SMA near 108.97. If the SMA fails to provide support, it could reach for the support zone near 108.80.

On the other hand, any surges would face the resistance of the 109.25/109.35, which has kept the rate down throughout March.
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