USD/JPY encounters resistance at 123.00

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


At mid-day on Friday, the USD/JPY currency pair reached the 123.00 mark, as it was forecast. The 123.00 level acted as resistance and caused a decline, found support in the 100-hour simple moving average. Up to the middle of Monday's trading, the currency exchange rate was trading between the 100-hour simple moving average and the 123.00 mark.

In the meantime, the 50 and 200-hour simple moving averages were approaching the pair from below, near the 122.30 level.

If the US Dollar surges against the Japanese Yen, the pair would have to break the resistance of the 123.00 mark and the weekly simple pivot point at 123.01. Higher above, take into account the 123.50 mark and the late 2015 high level at 123.70, before the 124.00 and 124.50 levels are aimed at.

Meanwhile, a decline is expected to look for support in the 50, 100 and 200-hour simple moving averages near 122.30. Below the moving averages, the 122.00, 121.50 and 121.00 levels might act as support.
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