More Orders/Levels – USD/JPY - Forex News by FX Leaders

More Orders/Levels – USD/JPY

Posted Monday, February 27, 2017 by
Skerdian Meta • 1 min read

We started showing the support and resistance levels of major forex pairs about an hour ago, with EUR/USD being the first one. So, let´s move on to USD JPY now.

USD/JPY

Support – 112 is the closest support level but the real one comes about 10-25 pips higher at 111.85-90. Below there, we can spot resistance at 111.50, 11.30 and obviously 111, which is where the 200 SMA stands on the daily chart.

112.50 is definitely the ultimate level

Resistance – Resistance is easier to spot since there are plenty of moving averages on the top side in smaller timeframe charts.

The first moving average comes around 112.50-60 which has been the low for more than a week, as we can see from the hourly chart. That´s also a very important level in larger timeframe charts which we have mentioned many times before, so I expect to see some selling pressure if we get up there.

At 112.90-113, we have the 100 smooth and simple moving averages, so that´s another important level before last week´s high at 113.70s.

By the way, we might open a short term sell forex signal is this forex pair at 112.50, targeting 20-30 pips for a small retrace down, so be ready.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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