USD/JPY reveals support zone

Source: Dukascopy Bank SA


The initial announcement of the US Federal Reserve rate hike caused a decline of the USD/JPY to the late October low level zone at 145.13/145.67, which acted as support. Afterwards, explanations about policy that were given by the head of the US Federal Reserve Jerome Powell, caused a surge of the pair. By 20:00 GMT, the pair had approached the 148.00 mark.

An extension of the surge might find resistance in the Monday's high level zone at 148.75/148.85. A move above the resistance zone could be slowed down by the 149.00 and 149.50 levels, before reaching the 150.00 mark.

On the other hand, a decline could look for support in the combination of the 50, 100 and 200-hour simple moving averages near 147.50. Further below, the 145.13/145.67 zone is expected to once again act as support.
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