USD/JPY surge reveals new resistance

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


The post-US election surge encountered resistance near the 156.50 level. It appears that this level, namely the 156.50/156.75 range, is capable of impacting the pair. However, the follow-up decline has found support in the 153.60/153.90 range. By mid-Monday's trading, the currency pair had started a recovery that faced resistance in the 50 and 100-hour simple moving averages near 155.25. Meanwhile, support was found in 154.50/154.75 zone.

Resumption of the prior surge would first have to break the 50 and 100-hour simple moving average. Afterwards, the weekly R1 simple pivot point at 156.46 and the 156.50/156.75 zone are set to act as resistance, before new highs are reached.

In the meantime, a decline below the major support cluster near 154.50 is highly likely almost immediately going to find support at 153.60/153.90. The support cluster is made up of the weekly simple pivot point, 200-hour simple moving average and the 154.50/154.75 zone.
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