USD/JPY jumps above 132.50

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Source: Dukascopy Bank SA


At the start of Wednesday's trading, the USD/JPY started a surge, which by mid-day resulted in the rate reaching from 131.00 up to 132.50. Near 132.50, the pair encountered resistance in the weekly R1 simple pivot point at 132.59.

A move above the weekly R1 simple pivot point at 132.89 could result in the pair testing the 133.00, 133.50 and 134.00 levels.

On the other hand, a decline in the value of the US Dollar against the Japanese Yen is expected to be slowed down by 132.00. Further below, note the support of the 50, 100 and 200-hour simple moving averages near 131.50.
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