USD/JPY declines to 128.50

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Source: Dukascopy Bank SA


In the aftermath of the US Consumer Price Index release, risk off sentiment dominated in the markets, which caused a surge of the value of the Japanese Yen against other currencies. By the middle of Thursday's European trading, on the USD//JPY charts it had resulted in a decline to the 128.50 level.

In the case that the 128.50 level acts as support, the pair might recover. A potential recovery would be expected to encounter resistance in the 129.00 level, the weekly S1 simple pivot point at 129.15 and the 129.50 level.

Meanwhile, a continuation of the decline of the US Dollar against the Japanese Yen could look for support in the 128.00 mark, the weekly S2 simple pivot point at 127.79 and the 127.50 level. Further below, a cluster of support levels is located around 127.00.
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