USD/JPY faces 100-hour SMA

Source: Dukascopy Bank SA


The recovery from the support of the 152.00 mark has encountered resistance. The 100-hour simple moving average is keeping the rate down. Meanwhile, the 153.00 level is acting as support.

In the near term future, the 100-hour SMA could connect with the resistance of the trend line that has been guiding the pair down. The combined resistance might push the currency exchange rate through the support of the 153.00 level and even the 152.00 level. Meanwhile, note that the pair is not finding any support in the 50-hour SMA.

On the other hand, a recovery of the US Dollar against the Japanese Yen would have to break the 100-hour SMA and the trend line. Above these two technical levels, resistance is expected to be found in the 154.50 level and the weekly simple pivot point at 154.42. Higher above, take into account the descending 200-hour simple moving average and the 155.00 and 155.50 levels.
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