USD/JPY trades above support levels

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Source: Dukascopy Bank SA


This week, the USD/JPY surged above the technical levels near 110.20. Namely, the rate passed the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point.

In the near term future, the rate could be pushed up by the hourly simple moving averages, as the rate confirmed the 100-hour SMA as support together with the weekly simple pivot point at GMT midnight to Tuesday. A potential surge would test the post Federal Reserve hawkish announcement high level at 110.80. Afterwards, the weekly R1 simple pivot point could provide resistance at 110.85.

On the other hand, a potential decline below the SMAs could look for support in the 110.00 level and the 61.80% Fibonacci retracement level at 109.83.
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