USD/JPY finds support in pivot point

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


On Tuesday, the USD/JPY currency pair found support in the weekly S1 simple pivot point at 114.74. The pivot point's support and the 114.80 mark held out for eleven hours, before a surge started. During the first half of Wednesday's trading, the pair had passed above the resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 115.05/115.27 zone.

If the US Dollar continues to gain value against the Japanese Yen, the rate is highly likely going to test the resistance of the 115.70/115.80 zone. The resistance zone stopped the rate's attempts at surging during the second half of February. A move above the zone could encounter resistance at 116.00 and 116.13, where the weekly R1 simple pivot point is located at.

Meanwhile, a decline of the USD versus the JPY might look for support in the 115.05/115.27 zone, where the moving averages and the weekly simple pivot point are located. Further below, the weekly S1 simple pivot point at 114.74 could once again act as support.
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Wed, 02 Mar 2022 13:35:56 GMT

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