USD/JPY remains below 143.50

Source: Dukascopy Bank SA


On Tuesday, the USD/JPY managed to reach above the 142.70/143.10 range and the 100-hour simple moving average. The event was followed by the pair encountering resistance in the combination of the 143.50 level and the weekly R1 simple pivot point. By mid-Wednesday, the rate had continued to test the resistance and the 142.70/143.10 range had turned into support.

A move above 143.50 and the weekly R1 simple pivot point at 143.49 could be slowed down by the 144.00 and 144.50 levels. Above these levels, the June high levels are expected to act as resistance at 144.90/145.10.

On the other hand, a decline of the US Dollar against the Japanese Yen is set to look for support in the 142.70/143.10 range, the 50 and 100-hour simple moving averages and the lower trend line of a channel up pattern.
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