USD/JPY consolidates near 148.00

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


Throughout the past week, the financial markets have been reacting to United States fundamental data releases. In general, Consumer and Producer price indices and Retail Sales data have revealed that prices are going higher and the consumers don't care and just keep buying. Namely, the US Federal Reserve is not likely to cut interest rates, as the markets suddenly assumed at the end of last year. This in turn has strengthened the US Dollar, as Dollar interest is set to remain high.

During the events the USD/JPY rate reached the 148.50 level, which acted as resistance and caused a decline to the 50-hour simple moving average near 147.70.

In the near term future, the rate could resume its surge. Note that the 148.50 and 149.00 levels are set to act as resistance. Higher above, take into account the combination of the weekly R3 simple moving average near 149.40 and the 149.50 level. Above these levels, the 150.00 mark could once again be tested.

However, a decline below the weekly R2 simple pivot point at 147.91, the 50-hour simple moving average and the 147.50 level might result in a decline to the combination of the 147.00 level and the 100-hour SMA, which could soon reach the round level.
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