USD/JPY finds support at 112.60

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


On Friday, the USD/JPY currency pair found support in the 112.60 mark. The event was followed up by a recovery, which by the middle of Monday's trading had reached above technical levels at 113.11.

A continuation of the surge is highly likely going to encounter resistance at the 113.69 level. At that level the weekly R1 simple pivot point is located at. In addition, note the approaching 200-hour simple moving average. However, take into account that the 113.60 mark acted as resistance during the previous week.

On the other hand, a decline of the pair would find support in the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point at 113.11. Below the technical levels, the most close by support is the 112.60 mark.
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