USD/JPY bounces off high level zone

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Source: Dukascopy Bank SA


The USD/JPY bounced off the resistance of the post Ukraine invasion high level zone for the third time on Thursday. By the end of the day's US trading hours at 21:00 GMT, the pair had retraced to the support of the 50 and 100-hour simple moving averages near 115.30/115.40. In addition, the 200-hour simple moving average and the weekly simple pivot point were located at the 115.18 and 115.27 levels.

If the US Dollar declines against the Japanese Yen below the technical levels in the 115.18/115.40 zone, the rate could look for support in the 115.00 mark. Further below, the weekly S1 simple pivot point at 114.74 might reverse a decline, as it did on Tuesday.

However, a resumption of the surge of the USD against the Yen is highly likely going to test the resistance of the 115.70/115.80 resistance zone, before aiming at the 116.00 mark and the weekly R1 simple pivot point at 116.13.
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Thu, 03 Mar 2022 20:24:57 GMT

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