USD/JPY Is Support By 200-Hour SMA

On Tuesday, the recovery of the USD against the Japanese Yen ended at the 113.75/113.78 zone. The rate failed to pass these levels after making three attempts.

Meanwhile, since early Tuesday trading, the pair has been finding support in the 200-hour simple moving average, which has been moving downwards. In addition, the 100-hour SMA had caught up with the pair.

If the USD/JPY continues to decline, it would have to pass the combined support of the 100 and 200-hour simple moving averages near 113.30. Below the SMAs, the weekly simple pivot point at 113.11 might act as support.

However, a move up by the currency exchange rate might find resistance in the 113.75/113.78 levels before aiming at the November 29 high level zone at 113.88/113.96.

December 08, 2021 at 11:41PM
Dukascopy Swiss FX Group
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