USD/JPY still respects round levels

Source: Dukascopy Bank SA


Last week, the USD/JPY rate reached the 155.50 level, which acted as support. The follow up recovery found resistance at 157.70/157.85. On Monday, the broader decline appeared to have resumed. Meanwhile, it was observed the rate continues to find support and faces resistance at round exchange rate levels.

In regards to resistance, the 157.00 level was keeping the pair down on Monday. Higher above, note the combination of the 50 and 100-hour simple moving average and a recently marked resistance line near 157.20. If these levels fail, the 157.70/157.85 range and the 158.00 mark are expected to impact the pair.

A potential resumption of the prior decline might be slowed down by the weekly S2 and S3 simple pivot points at 158.54 and 155.90. In addition, note the 156.50 and 156.00 levels.
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