USD/JPY declines after booking new high

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


The sharp surge of the US Dollar, compared to the Japanese Yen, encountered resistance at the 129.34/129.40 zone. At midnight to Wednesday, a decline of the pair started, which by the middle of the day had touched the 127.60 level.

A continuation of the retracement back downwards might look for support in the 127.50 mark. Further below, note the weekly R1 simple pivot point at 127.35 and the approaching 100-hour simple moving average. Afterwards, the 127.00 level could act as support.

However, a move of the USD/JPY pair higher, is likely set to encounter resistance in the weekly R2 simple pivot point at 128.35 and the 128.50 and 129.00 levels, before approaching the 129.34/129.40 zone.
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