Support & Resistance Levels For USD/JPY - Forex News by FX Market Leaders

Support & Resistance Levels For USD/JPY

Posted Tuesday, May 9, 2017 by
Skerdian Meta • 2 min read

Ok, we´re back to the USD/JPY forex pair again. We can´t help it though seeing as the price has risen almost 150 pips over the last two days. Support and resistance levels have risen since the last time we took a look at the levels for this pair.

Let´s see where these levels stand right now, in order to spot the areas where we might open a buy/sell forex signal.

                                                                         

USD/JPY

Resistance                                           Support

1 – 113.85 (mild – the high today)           1 – 113.30-40 (mild – yesterday´s high and 20 SMA on H1 chart)

2 – 114 (medium)                                   2 – 113 (medium – last week´s high and 50 SMA on H1 chart)

3 – 114.50-60 (mild)                               3 – 112.80 (mild 20 SMA on H4 chart)

4 – 115 (strong)                                    4 – 112.20 (strong 50 SMA on H4 chart)

 

 Up and up we go                                                            

These are the closest support & resistance levels for USD/JPY which will support our trades in this pair. Although, as mentioned in the previous update, buying dips is the safer option right now.  

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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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