USD/JPY breaks pivot point

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


The USD/JPY consolidated above the 148.80 level and the weekly R1, as it was approached by the support of the 50-hour simple moving average. The SMA managed to push the rate higher and through the weekly R2 simple pivot point's resistance at 149.18. Note that the pivot point might have failed due to the consolidation and the fact that the pair has moved away from the resistance of the upper trend line of the channel pattern.

In general, the rate is expected to continue to book new high levels until it eventually reaches the 150.00 mark. However, it is set to face the resistance of the upper trend line of the channel pattern and the weekly R3 at 149.90. If these levels hold, the pair won't reach 150.00 by the end of this week.

On the other hand, a potential decline of the US Dollar against the Yen is set to look for support in the weekly R2 at 149.18 and the combination of the 50-hour simple moving average and the 149.00 mark. Further below, take into account the 148.76 level where the weekly R1 simple pivot point is located at.
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