USD/JPY breaks resistance levels

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Source: Dukascopy Bank SA


On Friday, the surge of the USD/JPY reached new high levels, as it gained support and reached above the 124.00 mark and the March 29 high level zone at 124.20/124.31. However, prior to the surge, the rate had initially bounced off the resistance zone and had to look for support in the trend line, which connects the March 31 and April 5 low levels.

The continuation of the surge is set to encounter minor resistance in the form of the weekly R1 simple pivot point at 124.74, before approaching the high level zone at 125.00/125.10

On the other hand, a decline could use previous resistance as support at 124.20/124.31 and the trend line of the April low levels.
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