USD/JPY bounces off January high

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


On Tuesday, the USD/JPY currency exchange rate reached the resistance of the late January high at 115.70. The pair failed to reach above the level and started a decline. Afterwards, a drop occurred, which was stopped by the 50-hour simple moving average. Since early Wednesday's trading hours the pair was being supported by the SMA.

In the meantime, the rate was piercing the support of the channel up pattern, which has guided the rate up throughout February.

If the USD/JPY pair recovers, it would have to once again face the resistance of the high level at 115.70. A move above 115.70 might be stopped by the weekly R1 simple pivot point at 115.83

Meanwhile, a decline below the 50-hour simple moving average near 115.40 could look for support in the 100-hour SMA near 115.20, before reaching the 200-hour SMA and the weekly simple pivot point in the 115.00/115.10 zone.
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