USD/JPY finds support in 152.00

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Source: Dukascopy Bank SA


The USD/JPY continued to decline and eventually reached the 152.00 mark. This level acted as support and has forced the rate to retrace back up to as high as the combined resistance of the 100-hour simple moving average and the resistance line that has guided the rate down since July 10. Meanwhile, note that the July support trend line was pierced during the decline.

If the rate reaches above the 100-hour SMA and the resistance line, the 155.50 level is set to act as resistance. Meanwhile, note the descending 200-hour simple moving average. That could strengthen the 155.50 level.

On the other hand, a decline would have to pass the 153.50 level and the 50-hour simple moving average, before the pair once again reaches the 152.00 mark.
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