USD/JPY bounces off 137.00 level

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Source: Dukascopy Bank SA


The USD/JPY currency pair reached the 137.00 level, which acted as resistance. The event was followed by a decline, which by the middle of Thursday's trading had reached the 136.00 level's support. Meanwhile, a channel up pattern was spotted. The pattern has guided the pair upwards since May 24.

If the USD/JPY breaks the pattern and declines, the 136.00 level is expected to once again act as support. In addition, note the approaching 100 and 200-hour simple moving averages near 135.60/135.70. Further below, the weekly simple pivot point at 135.38 might act as suport.

On the other hand, a resumption of the pair's surge could encounter resistance in the weekly R1 simple pivot point at 136.49 and the 136.50 level, prior to once again testing the 137.00 mark.
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