USD/JPY drops below 150.00

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Source: Dukascopy Bank SA


The weakness of the US Dollar that was caused by the lower than expected US inflation has caused a major drop of the USD/JPY currency exchange rate. By mid-Monday of this week, the rate had almost reached the 148.00 level.

A decline below 148.00 could result in the rate looking for support in the combination of the 147.50 level and the weekly S2 simple pivot point at 147.49. Further below, note that round levels might turn into support, before the pair reaches the combination of the 147.70 level and the weekly S3 at 145.79.

However, a potential recovery of the US Dollar's value could be stopped by the weekly S1 simple pivot point at 148.50 and the 148.50 mark on its own. Higher above, note the 149.00 and 149.50 levels that could act as resistance, prior to the pair reaching the 150.00 mark.
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