USD/JPY tests 109.50 level

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Source: Dukascopy Bank SA


Since early Tuesday's European trading hours, the US Dollar has been testing the 109.50 level against the Japanese Yen. In the meantime, the rate has been finding support in the 55 and 100-hour simple moving averages, which have been slowly moving higher.

In the case of the rate passing the resistance of the 109.50 level, the USD/JPY currency exchange rate could aim at the resistance of the 109.83 level near 61.80% Fibonacci retracement level.

On the other hand, a potential decline would have to pass the support of the mentioned simple moving averages and afterwards the lower trend line of the channel up pattern, which captures the rate's surge since April 24.
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