USD/JPY breaks resistance

Source: Dukascopy Bank SA


The surge of the US Dollar against the Japanese Yen continues, as the USD gets stronger and the Yen loses value against peer currencies. The USD/JPY pair reached above the 144.50 mark and the weekly R1 simple pivot point at 144.63 at mid-Thursday due to the US GDP release.

The United States Bureau of Economic Analysis has published the US Final quarter on quarter Gross Domestic Product data. The markets expected US economy to have grown in the first quarter of the year by 1.4%. Instead of the expected, the economy has been reportedly increased by 2.0%.

If the surge of the USD/JPY continues, the 145.00 level might act as resistance, before the pair reaches the weekly R2 simple pivot point at 145.57 and the 145.50 level.

In the meantime, a decline of the US Dollar against the Yen is expected to look for support in the 50-hour simple moving average near 144.20 and the 100-hour simple moving average near 143.85. Both of these moving average have been pushing the rate up.
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