USD/JPY is pushed up by SMA

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Source: Dukascopy Bank SA


Despite shortly returning to trade below the 115.70/115.80 zone, the USD/JPY has surged and reached a new high level. The pair has been pushed up by the support of the 50-hour simple moving average. Meanwhile, the resistance zone that surrounds the 116.30 mark has been adjusted, as it has been observed that the 116.20 level is acting as resistance.

If the US Dollar manages to pass the 116.20/116.35 zone against the Japanese Yen, the pair might approach the resistance of the 116.79 level, where the weekly R3 simple pivot point was located at during this week.

Meanwhile, a potential decline of the rate is expected to look for support in the 50-hour simple moving average near 115.90. Further below, note the 115.70/115.80 zone.
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