USD/JPY dips before returning to previous levels

Source: Dukascopy Bank SA


The pair continues to act strange, as the markets expect Bank of Japan manipulation. On Tuesday, the pair suddenly dipped below 148.80, before returning to previous levels. It appears as if someone wanted to trigger the stops of the buyers below the 149.30/149.50 range. Meanwhile, the 149.80 level continues to act as resistance.

A move above the 149.80 level is expected to face major resistance in the 150.00 mark. Both the retail sector and large banks consider the 150.00 level, where the Bank of Japan intervenes in the forex market and strengthens the Yen.

On the other hand, a decline of the rate is set to be supported by the 50 and 100-hour simple moving averages and the 149.30/149.50 range. Further below, take into account the weekly simple pivot point at 149.17 and the 200-hour simple moving average.
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