USD/JPY declines below support levels

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Source: Dukascopy Bank SA


The USD/JPY booked a new five year high level at the weekly R3 simple pivot point at 116.35. The resistance of the pivot point held and caused a decline. By the middle of Wednesday's trading, the rate had retreated below the weekly R2 simple pivot point and the 50-hour simple moving average near 115.80.

A continuation of the decline of the US Dollar against the Japanese Yen might look for support in the 115.40/115.50 zone, which is being strengthened by the 100-hour simple moving average and the weekly R1 simple pivot point. Further below, the rate's decline might be stopped by the 200-hour simple moving average at 115.10 and the 115.00 mark.

Meanwhile, a recovery of the USD against the Yen could find resistance in the 50-hour SMA and the weekly R2 simple pivot point at 115.80. Above these levels, the weekly R3 simple pivot point at 116.35 remains to be passed.
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