USD/JPY recovery reaches 110.00 mark

Source: Dukascopy Bank SA


On Friday, the USD/JPY currency exchange rate continues the recovery that was started on September 15. During the surge, the pair only shortly paused at resistance levels like the hourly simple moving averages. By the middle of Friday's London trading hours, the rate had reached the 110.00 level and the weekly simple pivot point at 110.07.

A passing of the resistance of the 110.00 mark and the pivot point could once again test the week's high levels near 110.15. A move above 110.15 would likely reach for the September high zone and the weekly R1 simple pivot point near 110.40.

On the other hand, a bounce off from the resistance of the 110.00 level might result in looking of support in the previously easily passed hourly simple moving averages at 109.90, 109.70 and 109.60. Note that the 55-hour SMA is also strengthening the weekly S1 at 109.57.
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