USD/JPY aims at May high

Source: Dukascopy Bank SA


The surge of the USD/JPY continues. Mid-Wednesday the currency pair passed above the combined resistance of the weekly R2 and the 137.00 mark. It was expected that the rate could soon reach for the May high level zone at 137.50/137.75.

A move above 137.75 could be slowed down by the 138.00 mark or the weekly R2 simple pivot point at 138.35. Higher above, note that round price levels might turn into resistance at 138.50, 139.00 and 139.50. The 140.00 mark is set to have more impact than these levels.

However, a potential decline of the US Dollar against the Japanese Yen is expected to look for support in the weekly R2 and the 137.00 mark. Further below, note the 136.50 level, the weekly R1 simple pivot point at 136.34 and the 50-hour simple moving average.

In addition, note that we have marked a channel up pattern that has guided the rate up since May 11. It could be the case that the trend lines of the pattern act as support and resistance.
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