USD/JPY is back above 155.00

Source: Dukascopy Bank SA


Despite all actions done by the Bank of Japan, the USD/JPY rate has moved higher. This week, the rate was struggling to pass above the 155.95/156.30 range. This range has acted as both support and resistance during this year. Meanwhile, support as provided by the 50-hour simple moving average. In addition, the 100-hour SMA was catching up with the pair.

If the 100-hour SMA provides additional support, the rate could push higher. A push higher would face the 156.50 level and the combination of the weekly R1 at 156.89 and the 157.00 mark.

On the other hand, a decline below the SMAs and the 155.50 level could result in the pair declining to the 155.00 mark, which has additional support from the 200-hour simple moving average and the weekly simple pivot point at 154.83. Moreover, note the 154.50/154.70 range that has acted as both support and resistance.
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