USD/JPY almost reaches 143.50

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Source: Dukascopy Bank SA


The USD/JPY extended its decline on Tuesday and by midnight to Wednesday the pair almost reached the 143.50 level, before a recovery started. By the middle of Wednesday's trading, the pair had reached the combined resistance of the 144.50 level and the 50 and 100-hour simple moving averages, which appeared to have resumed to have an impact.

A move above 144.50 might encounter resistance in the 145.00 mark, before the pair reaches the Monday's high levels near 145.30 and the weekly R1 simple pivot point at 145.34.

Meanwhile, a potential resumption of the US Dollar's decline against the Japanese Yen could be slowed down by the 200-hour simple moving average and the weekly simple pivot point at 144.25. In addition, the 144.00 level has shown itself to be capable of acting as support. Afterwards, the 143.50 level and the weekly S1 simple pivot point are highly likely going to act as support.
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