USD/JPY passes resistance zone

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Source: Dukascopy Bank SA


On Tuesday morning, the USD/JPY currency exchange rate passed above the previous February high level zone near 115.40. However, by the middle of the day's trading, the pair had retraced downwards and was looking for technical support.

If the pair resumes its surge, it could aim at the late January high level zone near 115.70. Above the resistance zone, the weekly R1 simple pivot point might stop a surge at 115.83, before the USD/JPY reaches the 116.00 mark.

Meanwhile, a decline of the USD against the Yen could look for support in the 50-hour SMA near 115.20 and the lower trend line of a channel up pattern. Further below, note the 100 and 200-hour simple moving averages and the weekly simple pivot point near 115.00.
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Tue, 08 Feb 2022 13:09:31 GMT

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