USD/JPY finds support in 127.00

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Source: Dukascopy Bank SA


The 127.00 mark has provided enough support to the USD/JPY currency exchange rate for the pair to start a surge. By the middle of Wednesday's GMT trading hours, the USD/JPY had reached above the 128.00 level and technical levels, which surround it.

If the US Dollar continues to gain value, compared to the Japanese Yen, the currency pair might test the resistance zone at 128.85/129.10. Higher above, the 2022 high level at 129.40 might reverse a surge.

Meanwhile, a potential decline of the Greenback against the Yen might look for support in the 128.00 mark. Near that level, the weekly simple pivot point, the 50, 100 and 200-hour simple moving averages are located at. Further below, note the 127.00 mark.
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