USD/JPY Analysis: Supported By Moving Averages

Technical analysis of Forex market

On Thursday, the USD/JPY currency pair appreciated slightly. During today’s morning, the pair was testing the 106.25 mark.

It is likely that some upside potential could prevail in the market, as the exchange rate could gain support from the 55-, 100– and 200-hour SMAs in the 106.10 area.

In the meantime, it is unlikely that bears could prevail in the market in the short run due to the support level formed by the weekly and monthly PPs located at 106.00.

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