USD/JPY reaches below 154.50

Source: Dukascopy Bank SA


The broader decline of the USD/JPY has resumed. The combination of the weekly simple pivot point, the 50 and 100-hour simple moving averages and the declining resistance trend line held and a descent of the rate followed. By mid-Wednesday, the pair had reached below the 154.50 level. Meanwhile, the 155.00 mark acted as resistance.

The ongoing decline could look for support in the 154.00 level and the weekly S2 simple pivot point at 153.75, before the rate reaches the supporting trend line and the 153.50 or 153.00 level.

In the meantime, a potential recovery of the US Dollar against the Japanese Yen would have to break the 155.00 level. Higher above, resistance is expected from the 157.70/157.85 range, the weekly S1 simple pivot point at 155.61. Moreover, these levels could soon be strengthened by the descending trend line and the 50-hour simple moving average.
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