USD/JPY reaches new high level

Source: Dukascopy Bank SA


The USD/JPY pair hit the 135.50 mark and shortly traded above it during the midnight hours to Wednesday. However, since the event, the pair has been declining as by the middle of the day's trading the pair was located at the 134.50 mark and was looking for support near that level.

Prior to analyzing the technical chart, note that the Federal Reserve rate hike is incoming at 18:00 GMT. Afterwards, a press conference will be held by the Chairman of the Federal Reserve Jerome Powell.

If the pair declines below the 100-hour SMA at 134.40 and the 134.50 level, note that previously support was found in 134.40 and 133.50. In addition, the 200-hour simple moving average is approaching the pair from below.

On the other hand, a resumption of the USD surge is set to test the 135.00 and 135.50 levels, before reaching the weekly R1 simple pivot point at 135.82 and the 136.00 mark.
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