USD/JPY pierces resistance zone

Source: Dukascopy Bank SA


The USD/JPY has pierced the high level zone at 133.87/134.00. The recent surge has been part of a broader USD recovery against other currencies.

A move above 134.00 might encounter resistance in 134.50 and the weekly R1 at 134.58. Higher above, note the 135.00 mark, which has acted as support and resistance during February and March.

However, a potential decline of the US Dollar could be slowed down by the 133.50 level and the combination of the 50 and 100-hour simple moving averages near the weekly simple pivot point at 133.21.
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