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Despite being pierced, the 131.00 level has acted as support. The level continued to keep the rate up up to mid-Thursday when the pair traded above 131.50.
The currency pair might encounter resistance in the 132.00 mark, the 100 and 200-hour simple moving averages and the weekly simple pivot point at 132.27. Above these levels, the 132.50 and 133.00 levels could once again impact the pair by acting as resistance.
On the other hand, a decline of the USD/JPY might be supported by the 50-hour SMA and the 131.50 level, before reaching the 131.00 mark and the weekly S1 simple pivot point at 130.94.
Thu, 06 Apr 2023 15:56:19 GMT
Source: Dukascopy Bank SA
Despite being pierced, the 131.00 level has acted as support. The level continued to keep the rate up up to mid-Thursday when the pair traded above 131.50.
The currency pair might encounter resistance in the 132.00 mark, the 100 and 200-hour simple moving averages and the weekly simple pivot point at 132.27. Above these levels, the 132.50 and 133.00 levels could once again impact the pair by acting as resistance.
On the other hand, a decline of the USD/JPY might be supported by the 50-hour SMA and the 131.50 level, before reaching the 131.00 mark and the weekly S1 simple pivot point at 130.94.