USD/JPY analysis: Could trade upwards

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

On Tuesday, the USD/JPY currency pair touched the 104.75 mark.

It is likely that some upside potential could prevail in the market due to the support area formed by the 55-, 100– and 200-hour SMAs, as well the weekly PP in the 104.10/104.35 range.

In the meantime, note that the exchange rate could face the resistance level—the weekly R1 at 104.80. If the given level holds, the rate could reverse south within the following trading session.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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