USD/JPY decline aims at 132.00

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


The decline of the USD/JPY has continued, as the 134.50 level provided enough resistance for the pair to resume its decline and reach a new low level. Namely, on Monday morning the rate was trading below 132.50 and was expected to reach 132.00.

If the US Dollar declines against the Japanese Yen below the 132.00 level, note that support could be looked for in the 131.50 level and the weekly S1 simple pivot point at 131.32. Afterwards, the 131.00, 130.50 and 130.00 levels might act as support, prior to the rate reaching the lower trend line of a recently spotted channel down pattern.

On the other hand, a recovery of the currency pair might encounter resistance in the 132.50 level and the 133.00 mark, which is being crossed by the upper trend line of the mentioned channel pattern.
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