USD/JPY reaches resistance zone

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Source: Dukascopy Bank SA


The USD/JPY managed to pass the combined resistance of the 50, 100 and 200-hour simple moving average at 115.25. Afterwards, the SMAs began to act as support and caused a surge. By the middle of Tuesday's European trading hours, the currency pair had reached the 115.70/115.80 zone, which captures the late February high levels.

If the US Dollar passes above the 115.80 level against the Japanese Yen, the rate could encounter resistance in the 116.00 mark, before approaching the weekly R2 simple pivot point at 116.30 and the 2022 high level zone at 116.25/116.35.

Meanwhile, a decline of the Dollar against the Yen could look for support in the 50, 100 and 200-hour simple moving averages in the 115.20/115.35 range. Meanwhile, it appears that the pair was ignoring the weekly R1 simple pivot point at 115.63.
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