USD/JPY remains near 127.00

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


The decline, which was caused by the Governor of the Bank of Japan on Thursday, found support in the 126.55/126.60 range. Afterwards, a recovery to the 127.40 level occurred.

On Friday morning, the rate fluctuated around the 127.00 level, as support and resistance was being provided by round exchange rate levels. It appeared that the pair was still looking for direction in the aftermath of the comments made by Haruhiko Kuroda.

If the US Dollar surges against the Japanese Yen, the rate would have to pass the 50 and 100-hour simple moving averages at 127.10 and 127.25. Higher above, note the Tuesday's high level zone at 127.50/127.60. Above the high level zone, the 200-hour simple moving average and the trend line, which connects the May high levels, are expected to act as resistance.

On the other hand a decline of the USD/JPY might look for support in the 126.35/126.60 range, which has kept the rate up during this week. Below the support zone note the 126.00 and 126.50 levels and the weekly S2 simple pivot point at 125.44.
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