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USD/JPY Tests Weekly PP

On Friday, the USD/JPY currency pair reversed south from the resistance level formed by the monthly R1 at 109.39. During today’s morning, the pair was testing the support level—the weekly PP at 108.97.

If the given support level holds, it is likely that the exchange rate could trade upwards and re-test the given resistance level in the nearest future. Note that the rate has to surpass the 55– and 100-hour SMAs, currently located circa 109.10.

The given moving averages could push the currency pair down to the 200-hour SMA, currently located at 108.76. If the given support level holds, the US Dollar could consolidate against the Japanese Yen in the short term.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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