USD/JPY finds support in pivot point

Source: Dukascopy Bank SA


The decline of the US Dollar against the Japanese Yen has reached the combined support of the weekly S1 simple pivot point at 133.37 and the 133.40 level. Meanwhile, it has been observed that the 133.80 level acts as resistance.

A decline below 133.40 might be slowed down by the 133.00 level and the weekly S2 simple pivot point at 132.67. Below these levels, take into account the 132.50 and 132.00 levels.

However, a recovery of the US Dollar would result in the pair testing the combined resistance of the 50, 100 and 200-hour simple moving averages at 134.00. Higher above, the weekly simple pivot point could act as resistance at 134.25.
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