USD/JPY trades between two notable levels

Source: Dukascopy Bank SA


The USD//JPY has been broadly trading between the support of the 145.00 mark and the 146.50 level since August 14. In general, both of these levels are surrounded by support and resistance zones. Namely, support is found at 144.90/145.15 and resistance is provided by the 146.30/146.55 range.

On Tuesday, the pair bounced off the resistance zone and declined to find support in the combination of the 145.50 level and the weekly simple pivot point.

A recovery of the rate could result in another test of the 146.30/146.55 range and the weekly R1 simple pivot point at 146.38. If these levels are broken, the 147.00 mark might act as resistance.

In the case of the pair passing below 145.50, note that the 200-hour simple moving average might act as support near 145.40. Below these levels, the 144.90/145.15 level is highly likely going to provide support. Below the support range take into account the combination of the weekly S1 simple pivot point at 144.47 and the 144.50 level.
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