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USD/JPY Reaches New High Level - Action Forex

The USD/JPY succeeded at its second attempt to reach a new December high level. By the middle of Wednesday’s European trading hours, the rate had reached above the 114.30 level.

If the USD continues to gain against the Japanese Yen, the pair would have no technical resistance as high as the weekly R2 simple pivot point at 114.86. However, the pair needs to clearly pass the weekly R1 simple pivot point at 114.30.

A potential decline of the rate might look for support in the 114.00 mark and the zone at 113.88/113.95. Slightly below, take into account the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 113.85/113.72.

Dukascopy Swiss FX Group http://www.dukascopy.com/

This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.