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The resistance of the 123.00 mark was passed at mid-day on Tuesday. By the start of Wednesday's trading, the currency pair had reached the 124.00 level. Afterwards, the USD/JPY pair fluctuated between the support of the 123.50 level and the resistance at 124.00.
If the pair declines below the 123.50 level, the rate might find support in the approaching 50-hour simple moving average near 123.40. Further below, the 123.00 mark and the weekly simple pivot point are highly likely going to act as support.
However, a surge above 124.00 is most likely going to encounter resistance at two zones. Firstly the March 29 high level zone at 124.20/124.31 could stop a surge. Afterwards, the 125.00/125.10 zone is expected to act as resistance. In addition, take into account the 124.50 level and the weekly R1 simple pivot point at 124.74.
Wed, 06 Apr 2022 19:08:33 GMT
Source: Dukascopy Bank SA
The resistance of the 123.00 mark was passed at mid-day on Tuesday. By the start of Wednesday's trading, the currency pair had reached the 124.00 level. Afterwards, the USD/JPY pair fluctuated between the support of the 123.50 level and the resistance at 124.00.
If the pair declines below the 123.50 level, the rate might find support in the approaching 50-hour simple moving average near 123.40. Further below, the 123.00 mark and the weekly simple pivot point are highly likely going to act as support.
However, a surge above 124.00 is most likely going to encounter resistance at two zones. Firstly the March 29 high level zone at 124.20/124.31 could stop a surge. Afterwards, the 125.00/125.10 zone is expected to act as resistance. In addition, take into account the 124.50 level and the weekly R1 simple pivot point at 124.74.