USD/JPY reaches resistance

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Source: Dukascopy Bank SA


During the first half of Monday's trading hours, the USD/JPY currency pair made two attempts at passing the resistance zone of the May 10 and 11 low levels at 129.49/129.80.

A move above the 129.80 level could encounter resistance in the 130.00 mark, before reaching the 130.50/130.60 zone. Higher above, note the 131.00/131.33 levels. Meanwhile, the 129.80 level is set to be strengthened by the 200-hour simple moving average. In addition, the weekly R1 simple pivot point at 131.18 could strengthen the 131.00/131.33 zone.

However, a decline might find support at 128.75 and 128.50. Further below, the 127.50 level could once again stop a decline, as it did on Thursday.
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