USD/JPY remains below 124.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since early Wednesday's trading, the USD/JPY currency exchange rate has been trading between the 123.50 and 124.00 levels. However, on Thursday, the 50-hour simple moving average has caught up with the rate and might push the USD/JPY up.

If the pair declines below the 123.50 level and the 50-hour simple moving average near 123.70. 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.
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