USD/JPY recovery encounters resistance

Source: Dukascopy Bank SA


With the opening of the US futures market, the USD experienced major demand, which pushed the USD/JPY currency pair up to the combined resistance of the 131.00 mark and the 50-hour simple moving average. However, prior to the recovery the pair had reached the 129.50 level.

A move above the 131.00 mark might encounter resistance in the 131.50 level, prior to approaching the combination of the 132.00 level, the weekly simple pivot point at 132.12 and the 100 and 200-hour simple moving averages.

On the other hand, a decline of the US Dollar might look for support in the December 20 low and the 130.50 level, prior to approaching the 129.50 level. Note that the pair ignored the support of the 130.00 level and weekly S1 simple pivot point at 129.73 during the early hours of Tuesday's trading.
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