USD/JPY reaches new high

Source: Dukascopy Bank SA


Despite piercing the support range at 153.85/153.95, the USD/JPY returned to trade above it and eventually surged. On Monday, the rate was once again testing the 154.70/154.80 range. Meanwhile, support appeared to be provided by the 50 and 100-hour simple moving averages near 154.50.

On Tuesday, the rate passed above the 154.70/154.80 range. However, it was still confirming the range as support and not moving higher to 155.00.

In the near term future, the 155.00 mark is expected to act as resistance. Higher above, note the 155.50 level and the weekly R1 simple pivot point at 155.24

A potential decline of the US Dollar against the Japanese Yen below 154.70/154.80 would look for support in the 154.50 level and the 50 and 100-hour simple moving averages. Further below, note the weekly simple pivot point at 154.10, the 200-hour simple moving average, the 154.00 level and the 153.85/153.95 range.
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