USD/JPY reaches new high

Source: Dukascopy Bank SA


The surge of the US Dollar continues. The USD/JPY currency exchange rate reached above the 147.50 mark and the weekly R1 simple pivot point at mid-day on Tuesday. The two levels appeared to have become support to a potential resumption of the broader surge.

A move of the currency pair higher is expected to encounter resistance in the 148.00 or 148.50 levels. The rate has continued to respect round exchange rate levels throughout the 2023 surge.

In the meantime, a potential retracement of the US Dollar against the Japanese Yen would have to pass below the support of the weekly R1 simple pivot point at 147.54 and the 147.50 mark, before the pair reaches the August high level zone at 147.23/147.36.
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