USD/JPY declines to 109.20

Source: Dukascopy Bank SA


By the start of Tuesday's US trading, the USD/JPY currency exchange rate had reached the 109.20 level. The next target for the decline appeared to be the September and August low levels at 109.12.

In the case that the low level holds and a recovery starts, the pair could find resistance in the weekly S1 simple pivot point at 109.37. Above the pivot point, the 55, 100 and 200-hour simple moving averages might provide resistance near 109.60/109.70.

On the other hand, a decline below the 109.12 level most likely would first look for support at 109.00 before reaching the weekly S2 simple pivot point at 108.72.
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