USD/JPY approaches support zone

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


The USD/JPY encountered resistance in the 100-hour simple moving average and the 128.00 mark at midnight to Tuesday. During the first half of Tuesday's trading hours, the pair had declined and approached the support of the 127.00 level.

In the case that the pair reaches below the 127.00 mark, the weekly S1 simple pivot point at 126.60 might act as support. Further below, the 126.50 and 126.00 could act as support levels.

Meanwhile, a potential recovery of the USD against the Japanese Yen would face resistance in the 50-hour SMA near 127.75, the 100-hour SMA near 127.90 and the 128.00 mark, before reaching the high level zone at 128.20/128.30 and the weekly simple pivot point at 128.19.
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