USD/JPY reaches above 137.50

Source: Dukascopy Bank SA


The USD/JPY has managed to reach above 137.00 and 137.50 levels. During the surge, some resistance was provided by the weekly R1 simple pivot point at 137.53. It was observed during mid-Tuesday that the pair was consolidating in the expectations of the Wednesday's Federal Reserve rate hike.

In the case of a strengthening of the USD, the rate could be slowed down by the 138.00 and 138.50 levels, before testing the weekly R2 simple pivot point at 138.82 and the 139.00 level.

However, a decline of the US Dollar against the Yen could find support in the combination of the 50-hour SMA and the 137.00 mark. Further below, note the 136.50 and 136.00 levels.
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