USD/JPY declines below 115.00

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Source: Dukascopy Bank SA


The USD/JPY fulfilled the scenario of a decline on Monday, as the pair declined below the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point, and the 115.00 mark. On Tuesday morning, the rate retraced back up and confirmed that the weekly simple pivot point is capable of acting as resistance, due to the pair bouncing off it and declining. At mid-day on Tuesday, the pair was finding support in the weekly simple pivot point at 114.74.

If the US Dollar declines against the Japanese Yen below the weekly S1 simple pivot point at 114.74, the rate could look for support in the February low level zones at 114.40/114.50 and 114.15/114.20.

On the other hand, a surge of the pair might encounter resistance in the 115.00 mark, the weekly simple pivot point and the 50, 100 and 200-hour simple moving averages in the 115.00/115.30 range. Higher above, note the resistance zone at 115.70/115.80.
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