USD/JPY analysis: Trades above 103.80

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

During Thursday morning hours, the USD/JPY currency pair reversed north from the 103.80 mark.

It is likely that the exchange rate could face the resistance area formed by the 100– and 200-hour SMAs, as well the weekly PP in the 104.30/104.70 range. Thus, a reversal south could occur in the short run.

In the meantime, note that the currency pair could gain support from the 55-hour moving average near 104.00. Therefore, the pair could target the Fibo 23.60% at 105.00.

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Dukascopy Bank Team

Dukascopy Bank SA

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