USD/JPY looks for support

Source: Dukascopy Bank SA


The decline of the USD/JPY appears to have found support in the late June low level zone. Namely, the 160.25/160.30 range acted as support on Monday. However, by mid-day the rate had encountered resistance in a trend line that connects the pair's recent lower high levels. In general, the pair could get squeezed in.

A break out to the downside, below the 160.25 level, could result in the pair almost immediately looking for support in the 160.00 mark and the weekly S1 simple pivot point at 160.05. Below these levels, the 159.50 and the weekly S2 at 159.38 might slow down a decline.

In the case of a break out to the upside, the rate would have to get through the combined resistance of the 50, 100 and 200-hour simple moving averages, the weekly simple pivot point all near the 161.00 mark. If this level fails, the 161.50 level and the weekly R1 at 161.67 might slow down a surge, before the 162.00 is reached once again.
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