USD/JPY analysis: Pressured by 55-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

On Wednesday, the USD/JPY currency pair reversed south from the resistance level—the weekly R1 at 104.72.

It is likely that the exchange rate could gain support from the 100– and 200-hour SMAs, as well the weekly PP in the 104.25 area. Thus, some upside potential could prevail in the market, and the rate could re-test the given resistance level.

In the meantime, note that the currency pair could be pushed down by the 55-hour moving average near 104.40. In this case the pair could target the psychological level at 103.80.

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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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