USD/JPY consolidates at 146.25/146.55

Source: Dukascopy Bank SA


The speech by Jerome Powell at Jackson Hole symposium created major volatility, during which the USD/JPY managed to pierce the 146.25/146.55 range. However, the event was not followed by a broader surge. Instead, up to mid-Monday the rate fluctuated in the previous resistance range.

In the case of the 146.25/146.55 range turning into support, a broader surge might be slowed down by the 147.00 mark and the weekly R1 simple pivot point at 147.17. Higher above, note the 147.50 level and the combination of the 148.00 mark and the weekly R2 simple pivot point at 147.95.

Meanwhile, a potential move below the 146.25 level might find support in the 50-hour simple moving average near 146.20. Further below, take into account the combination of the weekly simple pivot point at 145.85 and the 100 and 200-hour simple moving averages.
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