USD/JPY finds support in pivot point

Source: Dukascopy Bank SA


In the aftermath of reaching the 139.00 level, the USD/JPY currency pair declined and found support in the weekly R1 simple pivot point at 138.40. Up to the start of Tuesday's European trading hours, the rate had continued to trade above the technical level.

If the US Dollar resumes its surge against the Japanese Yen, the rate would have to pass the combined resistance of the 139.00 level and the weekly R2 simple pivot point at 139.06. Higher above, note the 139.50 and 140.00 levels, which could slow down a potential surge.

On the other hand, a decline of the currency pair is expected to look for support in the 138.00 mark and the 50-hour simple moving average. Further below, the last week's high level zone above 137.50 could turn into support.
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