USD/JPY respects 50-hour SMA

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


The USD/JPY bounced off the resistance zone at 142.05/142.28 on Wednesday morning and declined to the 141.00 level. During the decline, the pair shortly found support in the 50-hour simple moving average. However, after finding support at 141.00, the rate's follow up recovery encountered resistance in the 50-hour simple moving average and the weekly R1 simple pivot point at 141.43.

In the case of the pair surging above the weekly R1 and the 50-hour SMA, the 142.05/142.28 zone might once again stop the USD/JPY. Higher above, take into account the 142.50 level and the weekly R2 simple pivot point at 142.72.

On the other hand, a decline of the US Dollar against the Japanese Yen is expected to look for support in the 141.00 level and the 100-hour simple moving average. Further below, note the 140.65/140.80 zone.
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