USD/JPY declines to 138.00

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Source: Dukascopy Bank SA


The USD/JPY currency pair booked a new high level at 139.39, before starting a consolidating decline. By the middle of Monday's trading hours, the rate had reached the combined support of the 100-hour simple moving average near 138.00, the weekly simple pivot point at 137.90 and the previous high level zone at 137.70/137.90.

A resumption of the USD surge against the Japanese Yen is expected to encounter minor resistance in the 138.50 mark and the 50-hour simple moving average near 138.70. Higher above, the high levels near 139.40 are set to once again impact the currency pair.

However, an extension of the ongoing decline might look for support in the 137.50 mark, the 200-hour simple moving average near 137.10 and the 137.00 level.
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