USD/JPY finally surges

Source: Dukascopy Bank SA


The USD/JPY continued to trade and look for support in the 146.25/146.55 range from mid-Friday up to mid-Tuesday. On Tuesday, the rate was caught up by the 50-hour simple moving average, which was the needed catalyst for a surge. The follow up surge reached above the 147.00 mark and the weekly R1 simple pivot point at 147.17.

An extension of the US Dollar's surge against the Yen is expected to be slowed down by the 147.50 level, before the rate reaches the combination of the weekly R2 at 147.95 and the 148.00 mark.

On the other hand, a decline of the currency pair could look for support in the passed 147.00 mark, prior to reaching the 50-hour simple moving average and the 146.25/146.55 range.
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