USD/JPY found support below 109.00

Source: Dukascopy Bank SA


During early Friday's trading hours, the USD/JPY shortly pierced the support of the 109.00 level and the 200-hour simple moving average. However, support was provided by the May 3 low level zone of 108.90/108.95.

By the middle of Friday's trading, the rate was fluctuating between the support of the 109.00 level and the 200-hour simple moving average and the resistance of the 55 and 100-hour simple moving averages near 109.25.

If the rate passes the resistance of the 55 and 100-hour simple moving average, the pair could reach for the resistance zone near the 109.50 mark. On the other hand, a potential decline below the 109.00 level and the 200-hour SMA would find support in the mentioned 108.90/108.95 zone.
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