USD/JPY finds support in 109.60

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Source: Dukascopy Bank SA


The USD/JPY dropped, as the US monthly employment data was released on Friday. The drop was eventually stopped and reversed by the support of the 109.60 level.

By the middle of Monday's European trading hours, the rate had recovered to a cluster of technical levels that surrounded the 109.90 level. The cluster consisted of the 55, 100 and 200-hour simple moving averages and the weekly simple pivot point in the range from 109.89 to 109.96.

In the case that the rate passes the resistance of the cluster of technical levels near 109.90, the pair could aim at the resistance zone near 110.25 and afterwards the 110.40 level.

Meanwhile, a bounce off from the 109.90 level's resistance would most likely result in the pair looking for support in the 109.60 level. Below the 109.60, the 109.50 level and the weekly S1 simple pivot point at 109.40 could provide support.
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