USD/JPY passes below 55-hour SMA

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


During the second part of Tuesday's trading, the USD/JPY passed below the support of the 55-hour simple moving average. The SMA was pushing the rate up since February 24. In the meantime, the pair was being approached by the 100-hour SMA.

If the 100-hour SMA provides support, the rate could surge and make another attempt to pass the resistance of the weekly R1 simple pivot point at 109.23. If the pivot point does not hold, the rate might reach for the 109.50 mark.

On the other hand, a failure of the simple moving average in pushing the rate up would most likely result in a decline to the 50.00% Fibonacci retracement level at the 108.35 level.
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