Since early Monday’s trading hours, the USD/JPY has been testing the resistance zone of the March high levels. However, the rate has been booking higher low levels after each failed attempt to pass the zone. In addition, the support of the 55-hour simple moving average was approaching the rate from below.
In the case of the resistance zone failing, the pair would immediately face the resistance of the weekly R1 simple pivot point at 109.44. In the case of this pivot point not providing resistance, the rate could reach for the 2020 June high at 109.83 and the weekly R2 pivot point at 109.80.
On the other hand, if the zone holds, the pair could have to pass the support of the 55-hour SMA before retracing back down to the weekly simple pivot point and the 100-hour simple moving average near 108.85.
