USDJPY Analysis: Breaks out of strong resistance
|USDJPY
The US Dollar maintained its movement sideways against the Yen for the second consecutive day on Wednesday. The pair failed to surpass the 110.40 mark mainly due to an important resistance level which has previously provided a strong barrier for the Greenback.
On Thursday morning, the pair was supported by the 55-hour SMA. It is likely that this moving average pressures the rate higher towards the weekly R2 at 110.66. A breakout did occur at the time of this analysis, but it is still yet to be seen if this bullish momentum is maintained. A successful breakout should mean a test of the 111.00 mark or the weekly R3 at 111.30.
If looking at important support levels, the pair is likely to be hindered near 109.70, as the 100– and 200–hour SMAs are located nearby.
Interested in USDJPY technicals? Check out the key levels
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.