USD/JPY analysis: Trades sideways
|USD/JPY
Since mid-day on Tuesday, the USD/JPY traded sideways between the support of the 109.60/109.67 zone and the resistance of the 109.91/109.94 zone. Between these two zones, the rate ignored the 61.80% Fibonacci retracement level and the weekly S1 simple pivot point.
In the case of the rate passing the resistance of the 109.91/109.94 zone, the pair could reach for the 55-hour simple moving average at 110.13, the 200-hour SMA at 110.23 and afterwards the weekly simple pivot point and the 100-hour SMA at 110.37.
On the other hand, the rate could end the sideways trading by passing the support of the 109.60 level. In this scenario, the pair would look for support in the mid-March high level zone at 109.38/109.23.
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.