USD/JPY Analysis: Pressured by 55-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

USDJPY

During Friday, the USD/JPY currency pair surpassed the support level formed by the Fibonacci 50.00% retracement at 109.58.

Given that the pair is pressured by the 55-hour moving average, currently located at 109.65, it is expected, that bears could continue to prevail in the market. A possible downside target is the psychological level at 109.20.

On the other hand, the exchange rate could trade sideways, trying to surpass the given resistance. It is unlikely, that the rate could step higher due to the resistance level formed by the 100– and 200-hour SMAs, as well the monthly S2 at 109.97.

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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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