USD/JPY Pressured By 55- And 100-Hor SMAS

Technical analysis of Forex market

During Thursday, the USD/JPY currency pair traded downwards. During today’s morning, the pair was testing the resistance provided by the 55– and 100-hour SMAs near 105.80.

If the given resistance holds, it is likely that some downside potential could prevail in the market. In this case the exchange rate could re-test the support formed by the weekly S2 and the Fibo 23.60% near 105.00.

Otherwise, it is likely that the currency pair could re-test the resistance formed by the 200-hour SMA and the monthly PP in the 106.10 area.

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