USD/JPY books new high

Source: Dukascopy Bank SA


On Monday morning, the USD Dollar surged against the Yen above the high level zone at 131.00/131.25 and shortly touched the weekly R1 simple pivot point at 131.33. However, almost immediately after the event, the pair sharply declined. By 16:00 GMT, the currency pair had almost reached the combined support of the 130.00 level, the weekly simple pivot point at 129.98 and the 200-hour simple moving average.

A move of the USD/JPY below the 130.00 level would have no technical support as low as the weekly S1 simple pivot point at 129.15. Although, it is highly likely that the 129.50 mark could act as support.

Meanwhile, a recovery of the currency pair would once again test the resistance of the 131.00 level and the zone above it, before reaching the weekly R1 simple pivot point.
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