USD/JPY shows resistance

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Source: Dukascopy Bank SA


The USD/JPY currency pair has been bouncing off the 147.80/147.88 range. The zone has been marked on the hourly candle chart as resistance. Meanwhile, on Thursday, support was found at 147.23/147.36.

A move above 147.88 is expected to almost immediately face resistance in the 148.00 mark. Higher above, take into account the 148.50 level and the combination of the weekly R2 simple pivot point at 148.93 and the 149.00 level.

On the other hand, a decline below 147.23 could find support in the 147.00 mark and the 100-hour simple moving average. Further below, note the 200-hour SMA and the 146.30/146.55 range.
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