USD/JPY finds support in 129.00

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


The decline of the USD/JPY passed one technical support level after another until it reached the 129.00 mark on Thursday morning. The round level acted as support and caused a surge up to the 130.00 level. It was observed that the 130.00 mark was acting as resistance. Namely, the main conclusion was that the round exchange rate levels are set to continue to act as support and resistance.

A move above 130.00 could face resistance in the 130.50 and 131.00 levels. Both of these levels have recently acted as resistance. Higher above, note the weekly R1 simple pivot point at 131.62.

Meanwhile, a decline of the currency pair could look for support in 129.00, 128.50 and 128.00, before the support zone near 127.25/127.50 would be reached.
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