USD/JPY analysis: Tests 200-hour SMA

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

On Monday, the USD/JPY currency pair raised to the resistance provided by the 200-hour SMA near 107.30. During today's morning, the pair was testing the given resistance.

It is likely that the exchange rate could gain support from the 100-hour SMA and the weekly PP at 107.50. Thus, some upside potential could prevail in the market, and the rate could target the weekly R1 at 107.61.

Meanwhile, if the 200-hour moving average hold, it is likely that the US Dollar could trade sideways against the Japanese Yen 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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