USD/JPY hits resistance levels

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Source: Dukascopy Bank SA


On Tuesday, the USD/JPY hit the combined resistance of the upper trend line of the channel up pattern and the weekly R2 simple pivot point at 149.17. The resistance caused a retracement down to the support of the weekly R1 at 148.76.

A move below 148.76 could find support in the 50-hour simple moving average near 148.60. Further below, take into account the 148.40 level and the 100-hour simple moving average.

On the other hand, a surge of the US Dollar is set to face the 149.00 mark, before approaching the weekly R2 simple pivot point at 149.18 and the upper trend line of the channel pattern.
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