USD/JPY reveals support and resistance

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


In the aftermath of the Fed Meeting Minute release, the USD/JPY currency exchange rate has revealed a resistance and support zones at 116.19/116.24 and 115.63/115.66 . During late Thursday's trading, the support zone had once again held and the rate was approaching the 50-hour SMA near 115.95 and the 116.00 mark.

If the currency pair continues to surge, it would have to pass the 50-hour SMA and the 116.00 mark. Afterwards, the rate could approach the resistance zone at 116.19/116.24. Higher above, note the weekly R3 simple pivot point at 116.35.

Meanwhile, a decline of the US Dollar against the Japanese Yen is likely set to look for minor support in the weekly R2 simple pivot point at 115.78 and the 100-hour simple moving average at 115.69, before reaching for the support zone at 115.53/115.66. Further below, note the November high zone and the weekly R1 simple pivot point.
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