USD/JPY reaches above last week's highs

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


On Monday, the USD/JPY bounce off the last week's low level trend line and surged to the 127.50/127.60 zone. At mid-day on Monday, the resistance zone was passed and the pair began to test the upper trend line of the channel down pattern, which had guided the rate since the start of May.

If the US Dollar ends the May decline against the Japanese Yen, the currency exchange rate could surge to the resistance of the 128.00 level and the weekly R1 simple pivot point at 127.99. Higher above, note the high level zone at 128.18/128.31.

Meanwhile, a decline of the currency pair might find support in the previous resistance levels at 127.47/127.57. Below the zone, the combination of the 50 and 100-hour simple moving averages and the weekly simple pivot point could provide support near 127.15.
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