USD/JPY returns to support zone

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


The recovery from the 121.00/121.50 zone ended at midnight to Thursday, as the USD/JPY currency exchange rate approached the 122.50 mark. The round exchange rate level's resistance was being strengthened by the 50 and 100-hour simple moving averages near 122.60. Afterwards, the pair returned to the support zone at 121.00/121.50.

Meanwhile, take into account that at mid-day on Thursday it appeared that the 200-hour simple moving average near 121.75 acted as resistance.

In regards to the near term future, prior forecasts remain unchanged. A move below the support zone at 121.00/121.50 zone would have no technical support as low as the weekly S1 simple pivot point at 120.11. Although, take into account that the 120.50 mark might slow down a potential decline.

However, a surge would have to move above the 200-hour simple moving average at 121.75 might result in a move to the resistance of the 122.50 mark, which might be strengthened by the 50 and 100-hour simple moving averages. A move above the 122.50 mark might encounter resistance in the weekly R1 simple pivot point at 123.44 and the late 2015 high level at 123.70.
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