USD/JPY consolidates near 132.00/133.00

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Source: Dukascopy Bank SA


The USD/JPY reached a new high on Monday, as it tested the 133.00 level. However, the level held and a retracement downwards occurred. On Tuesday morning, the currency pair was finding support in a zone near 131.50 and the 50-hour simple moving average.

A resumption of the US Dollar surge, the pair would face the resistance zone near 133.00. Higher above, note the weekly R2 simple pivot point, which might act as resistance.

Meanwhile, a decline of the pair below 131.50 could look for support in the 131.00 and 130.50 levels, before approaching the weekly simple pivot point and the 100 and 200-hour simple moving averages near 130.15/130.30.
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