USD/JPY ends sideways trading

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Source: Dukascopy Bank SA


The USD/JPY ended trading in the sideways range by declining. By mid-Tuesday's trading, the rate had reached below 114.60. In the near term future, the rate might look for support in the 114.50 mark. The 114.50 mark was being supported by the 200-hour simple moving average.

In the case that the rate passes below the 114.50 mark and the 200-hour simple moving average, the USD/JPY would have no support as low as the 114.00 level and the weekly S1 simple pivot point at 113.93.

However, a surge of the USD against the Japanese Yen might find resistance in the weekly simple pivot point at 114.81, before aiming at the combined resistance of the 50 and 100-hour simple moving averages near 115.20.
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