USD/JPY approaches 150.00

Source: Dukascopy Bank SA


Due to an unknown reason on Tuesday, the USD/JPY pair dipped down to 148.15. It could be possible that the Bank of Japan made another attempt to intervene in the forex market. However, an hour later the rate was back above 149.00. On Wednesday, the surge continued, as by mid-day the rate was at 149.75.

The pair faces no resistance to reach the 150.00 mark and the weekly R1 simple pivot point at 149.98. Above the 150.00 mark, the 150.50 and 151.00 levels might act as resistance, before the weekly R2 pivot point at 151.23 would be reached.

On the other hand, a decline is expected to find support in the 149.50 level, the 50-hour simple moving average near 149.10 and the 149.00 level.
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