USD/JPY drops to 113.10

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Source: Dukascopy Bank SA


On Friday, the USD/JPY passed previous low level zones before consolidating by retracing back up to the 113.66 level. On Monday, the decline of the pair resumed, as the pair reached the 113.10 level. In the near term future, the rate was highly likely set to reach the 113.00 mark.

At the 113.00 mark, the pair could not only finds psychological support of a round exchange rate, but also the weekly S1 simple pivot point. In the case that the USD/JPY passes below the 113.00 mark, next support could be found at the 112.58 level, where the weekly S2 simple pivot point was located at.

On the other hand, if the 113.00 level provides enough support for a recovery, the rate could find resistance in the 50-hour simple moving average near 113.60. Above the SMA, the weekly simple pivot point at 113.72 might act as a resistance.
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