USD/JPY recovers to 146.50

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


A combination of two fundamental trends has caused a surge of the USD/JPY. First of all, the US better than expected monthly employment data caused a strengthening of the USD. Secondly, the markets realized that the Bank of Japan has not made a promise to change their policy, but is just evaluating its ultra easy policy.

By mid-Monday, the rate had reached the resistance of the 146.50 level and the 200-hour simple moving average. During the surge, it was spotted that moving averages and round price levels impacted the rate and acted as both resistance and support.

The ongoing recovery has to break the 200-hour simple moving average and the 146.50 mark, before returning to the 150.00 level. However, it is highly likely that resistance would be met in round price levels and the weekly R1 simple pivot point at 147.73.

On the other hand, a decline of the US Dollar against the Japanese yen is set to look for support in the 100-hour simple moving average and the 145.50 level. Further below, note the combination of the 145.00 level, the 50-hour simple moving average and the weekly simple pivot point at 144.67.
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