USD/JPY reveals resistance and support

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Despite reaching below the 130.00 mark, the USD/JPY did not decline during the first half of Tuesday's trading hours. The rate revealed a support zone at 129.78/129.86. Meanwhile, resistance was being provided by the 130.50/130.58 zone and the 50-hour simple moving average.

The sideways trading could be explained with the markets expecting the upcoming US Consumer Price Index data on Wednesday at 13:30 GMT. The data is set to reveal the effects of the first Federal Reserve rate hike.

If the rate declines below the 129.78/129.86 zone, the 129.50 mark might act as minor support level, before the pair reaches the weekly S1 simple pivot point at 129.15 and the 129.00 level.

However, a move above the 130.50/130.58 zone could reach up to the 2022 high level zone at 131.00/131.33 and the weekly R1 simple pivot point.
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