USD/JPY recovery faces resistance

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


The major decline of the USD/JPY rate has paused at the 142.00 mark. This range has provided support for a recovery. By mid-Wednesday, the recovery was approaching the 148.50/148.90 range that was expected to act as resistance.

A move above the 148.50/148.90 range is expected to face the resistance of the weekly simple pivot point at 149.38 and the descending 200-hour simple moving average. In addition, the 150.00 mark is expected to act as resistance. Higher above, note the 152.00 mark and the weekly R1 simple pivot point at 152.34.

If the pair resumes the prior decline, the rate is set to look for support in the combination of the 50 and 100-hour simple moving averages near 146.00. Note that the 146.00 mark has acted as support and resistance without the help of other indicators. Further below, the weekly S1 simple pivot point has slowed down a decline at 143.54 and could repeat this act, before the pair reaches the 142.00 mark.
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