USD/JPY plummets below 115.00

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Source: Dukascopy Bank SA


At mid-day on Friday, the USD/JPY currency exchange rate passed below the combined support of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 115.24/115.29. The rate declined in a sharp drop, which by 16:00 GMT was approaching the support of the weekly S1 simple pivot point at 114.74. The pivot point acted as support on March 1 and caused the rates most recent surge to the 115.80 level.

If the US Dollar continues to decline against the Japanese Yen and passes below the 114.74, the low level zone at 114.40/114.50 might once again stop a potential decline. Further below, note the February low levels at 114.15/114.20.

On the other hand, a recovery of the US Dollar might find minor resistance in the 115.00 mark, before approaching the cluster of resistance levels at 115.25. At that level the 100 and 200-hour simple moving averages are meeting the weekly simple pivot point. Higher above, note the 50-hour simple moving average near 115.50
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