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The resistance of the 149.50 level eventually was enough for the USD/JPY to cause a sharp decline. The decline eventually reached the 148.50 level and the 200-hour simple moving average. The support was enough to cause a recovery to the 100-hour SMA and the 149.00 level.
A move above the 100-hour SMA and the weekly R2 simple pivot point at 149.18 should result in the rate testing the 50-hour simple moving average near 149.30, before approaching the 149.50 level.
On the other hand, a decline is expected to look for support in the weekly R1 at 148.76. Below this level, the 200-hour SMA should once again come into play.
Fri, 29 Sep 2023 10:09:55 GMT
Source: Dukascopy Bank SA
The resistance of the 149.50 level eventually was enough for the USD/JPY to cause a sharp decline. The decline eventually reached the 148.50 level and the 200-hour simple moving average. The support was enough to cause a recovery to the 100-hour SMA and the 149.00 level.
A move above the 100-hour SMA and the weekly R2 simple pivot point at 149.18 should result in the rate testing the 50-hour simple moving average near 149.30, before approaching the 149.50 level.
On the other hand, a decline is expected to look for support in the weekly R1 at 148.76. Below this level, the 200-hour SMA should once again come into play.