USD/JPY reveals support zone

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Source: Dukascopy Bank SA


The decline of the US Dollar against the Japanese Yen found support in the 134.75/134.80 zone. Meanwhile, since Friday the pair has been encountering resistance in the 135.50 mark and the 50 and 200-hourly simple moving averages.

In the near term future, a potential surge would face the combined resistance of the 50 and 200-hour simple moving averages, the weekly simple pivot point at 135.58 and the 135.50 mark. Above these levels, note the previously ignored 100-hour simple moving averages and the 136.00 mark, which acted as resistance during the midnight hours form Thursday to Friday.

However, a decline of the US Dollar against the Japanese Yen might look for support in the 135.00 level, before approaching the 134.75/134.80 zone. Further below, note the June 23 and 24 low levels at 134.25/134.35.
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