USD/JPY surge reaches 121.40 level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The decline of the Japanese Yen has continued, as the USD/JPY currency exchange rate has reached the 121.40 level. This level acted as resistance and caused a decline. The decline was assumed to be a consolidation of gains due to the pair being largely overbought.

In the case of the USD/JPY declining the rate might look for support in the weekly R2 simple pivot point at 120.75, the 50-hour simple moving average near 120.50. Further below, support might be provided by the weekly R1 simple pivot point at 120.01 and the 120.00 mark.

Meanwhile, a resumption of the surge needs to pass the 121.40 mark, before booking new high levels. Resistance could be encountered at 121.50, 122.00 and the weekly R3 simple pivot point at 122.09.
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