USD/JPY extends recovery

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY started a recovery on Friday by finding support at 112.60. By the middle of Tuesday's European trading hours, the currency exchange rate had reached the 113.75 level. Meanwhile, it was spotted that the rate mostly ignored the close by weekly R1 simple pivot point at 113.69 and the 200-hour simple moving average near 113.60.

In the case that the rate declines, it could look for support in the 50-hour simple moving average near 113.30. Below the 50-hour SMA, the 100-hour simple moving average might act as support near 113.20. Further below, note the weekly simple pivot point at 113.11.

On the other hand, a recovery of the US Dollar against the Japanese Yen would most likely encounter resistance at the 113.85/113.95 zone. The zone represents the November 29 and 30 high levels. Above the zone, the 114.00 mark might provide resistance.
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