USD/JPY approaches December low

Source: Dukascopy Bank SA


The USD/JPY encountered resistance in the 134.50 level, before starting a broad decline. By the start of 2023, the pair had reached below 131.00 mark, which acted as resistance. Meanwhile, support appears to be provided by the December 20 low level at 130.57.

A move below 130.57 could look for support in the 130.00 mark, the weekly S1 simple pivot point at 129.73 and other round levels such as 129.50, 129.00 and 128.50.

On the other hand, a potential surge above 131.00 is expected to encounter resistance in the 131.50 level, before approaching the combined resistance in the 132.00 level, the 50-hour simple moving average and the weekly simple pivot point.
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