USD/JPY surge ends near 118.50

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Source: Dukascopy Bank SA


The surge of the US Dollar against the Japanese Yen has encountered resistance near the 118.50 mark. Namely, a narrow zone below the round exchange rate level appears to have had enough profit taking and going short that the pair reversed its direction. On Tuesday, the currency pair's decline found support in the 50-hour simple moving average near 117.80.

If the pair resumes its decline, it would first have to pass the resistance of the weekly R1 simple pivot point at 118.20, before approaching the resistance zone near 118.50. Higher above, take into account the 119.00 mark and the weekly R2 simple pivot point at 119.04.

In the meantime, a potential decline below the 50-hour simple moving average might look for support in the 117.50 and 117.00 levels. In addition, note the 100-hour simple moving average at 117.00.
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