USD/JPY surges despite BoJ rate hike

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


The rate is already reacting to central bank announcements. On Tuesday, the Bank of Japan ended eight years of negative interest rates by hiking to 0.10%. This is the first Japanese rate hike in 17 years. In theory, the rate hike should have strengthened the Japanese Yen. However, after a short lived move downwards, the USD/JPY surged and reached above 150.60.

Next up is the US rate announcement on Wednesday. The rate could consolidated near 150.50 until the United States policymakers reveal their future plans in regards to the Dollar rates and with it demand for the USD.

From a technical perspective, the surge has found resistance in the February high level range at 150.60/150.90. Note that the range is strengthened by the weekly R2 simple pivot point at 150.89. These levels are expected to keep the rate down.

If the US Dollar declines against the Japanese Yen, the 150.00 mark and the weekly R1 simple pivot point at 149.94. Further below, the 149.50 has shown to be capable of acting as support and resistance.
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