USD/JPY reaches 118.00

Note: This section contains information in English only.
Source: Dukascopy Bank SA


On the third attempt the USD/JPY broke the resistance of the 2022 high level zone at 116.20/116.35. The event was followed by a sharp move upwards. Up to the middle of Monday's trading, USD/JPY bulls were looking at profits, as the pair had reached the 118.00 mark. During the last couple of trading sessions, the pair only shortly paused at the 117.00 mark.

Note that the surge occurred, as the markets were expecting the US Federal Reserve Rate hike on Wednesday. In addition, a run to safety was occurring in the financial markets.

If the USD/JPY continues to move higher, the rate could find technical resistance in the weekly R1 and R2 simple pivot points at 118.20 and 119.04. However, this is a fundamental move and it is more likely that stops and pauses might occur near 118.50 and 119.00

On the other hand, a potential decline might look for support at 117.50 and 117.00. In addition, note the 50-hour simple moving average near 117.00.
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