Today USD/ JPY Market Update

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Today USD/ JPY Market Update

USD/JPY TECHNICAL ANALYSIS

USD/JPY has paused in the last few session after a sell-off to end last week.

It is currently below the short-term simple moving average (SMA) and above the long-term SMAs. The price is currently near the medium-term 55-day SMA.

This might indicate that short-term bearish momentum is running up against bullish long-term momentum. A significant break-out of the near-term range of 112.533 – 113.960 could see momentum evolve in that direction.

Support may lie at the previous lows and pivot points of 112.533, 112.079, 110.802, 109.113 and 108.723.

Potential resistance might be at the previous highs of 113.96 and 115.505.

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