USD/JPY passes support ranges

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


As the market started the week's trading, the Yen strengthened during the Asian trading hours. By the time Europe woke up, the move had resulted in the USD/JPY rate reaching below the 145.50 level. However, buying started and by midday the rate was testing the resistance of the 146.00/146.50 range.

If the pair resumes the prior decline, support is expected to be found in round exchange rate levels. However, the 145.00 mark is expected to be the strongest. In addition, note the weekly S2 simple pivot point at 144.40.

Although, a potential breaking of the 146.00/146.50 range might not be followed by a broad recovery due to the combination of resistance levels from 147.00 up to 148.00. In addition, to the resistance of the round levels, in that range there are located the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.
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