USD/JPY extends recovery

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Source: Dukascopy Bank SA


The USD/JPY recovery from the 130.00 mark has continued. By the late trading hours of Monday's trading, the pair had reached the 200-hour simple moving average near 131.80.

In the case of the pair piercing the 200-hour SMA and the 132.00 level, a surge up to the 132.50 level and the weekly R1 simple pivot point at 132.59 might take place. Higher above, note the round exchange rate levels that could turn into resistance.

On the other hand, a decline of the US Dollar against the Japanese Yen is expected to look for support in the 100-hour SMA near 131.30, the weekly simple pivot point at 131.10 and the 131.00 level. In addition, the 50-hour simple moving average was approaching the pair from below.
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