USD/JPY Analysis: supported by 55– and 100-hour SMAs
|USD/JPY
On Wednesday, the USD/JPY currency pair traded sideways at the 108.80 level. During today's morning, the pair maintained its consolidation.
Note that the exchange rate is supported by the 55– and 100-hour moving averages, currently located circa 108.60. Therefore, it is likely that bulls could prevail in the market in the short run. A possible upside target is the resistance level formed by the weekly and monthly R1s at 109.14.
On the other hand, the US Dollar could continue to consolidate against the Japanese Yen in the nearest future. Also, it is unlikely that bears could prevail, and the currency pair could decline lower than the Fibonacci 38.20% retracement at 108.44.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.