USD/JPY reaches 131.00/131.40 zone

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Source: Dukascopy Bank SA


Since the second part of Friday's trading, the USD/JPY has been testing the resistance of the 131.00/131.40 zone. Meanwhile, support was being provided by the combination of the 130.50 level and the lower trend line of the channel up pattern.

If the pair manages to reach above 131.40 resistance is expected to be found almost immediately in the 131.50 and 132.00 levels. Higher above, take into account the weekly R1 simple pivot point at 132.22.

Meanwhile, a decline would look for support in the 130.50 level, the 50-hour simple moving average. Further below, the 130.00 mark and the 100-hour SMA might act as support.
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