USD/JPY fluctuates below resistance zone

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Source: Dukascopy Bank SA


The USD/JPY made three attempts at passing the resistance zone at 128.47/128.68. On Friday morning, the rate clearly bounced off the resistance zone, as it passed below the support of the 50 and 100-hour simple moving averages and the 128.00 mark.

A continuation of the decline of the US Dollar, compared to the Japanese Yen, the currency pair might look for support in the 127.50 level and the weekly R1 simple pivot point at 127.35. Further below, take into account the 127.00 mark and the 200-hour simple moving average.

However, a potential resumption of the pair's surge would most likely once gain test the resistance zone at 127.47/128.68. Higher above, note the high level at 129.35/129.40.
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