USD/JPY approaches high levels

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Source: Dukascopy Bank SA


The 50-hour simple moving average appears to be pushing the USD/JPY higher. Meanwhile, it has been observed that the rate pauses at round exchange rate levels and trades around them, before picking a direction.

In the near term future, the USD/JPY could test the October high level at 151.70. A breaking of this level would most likely result in the pair booking a new 2023 high and eventually testing the high level of 2022, which is the 152.00 mark.

If the US Dollar declines against the Japanese Yen, the 50-hour simple moving average could act as support, before the 151.00 mark would be reached. Further below, take into account the ascending 100 and 200-hour simple moving averages. The SMAs could turn into support.
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Fri, 10 Nov 2023 12:10:19 GMT

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