USD/JPY does not react to events

Source: Dukascopy Bank SA


Despite the US Dollar moving due to the publication of monthly US employment data and the war in Israel, the USD/JPY has not reacted. Namely, in theory the supposed safe haven currency, the Japanese Yen, should have decline due to the US employment, but strengthened at the start of the conflict in the Middle East. Instead, the Yen slightly reacted to US data and there is no reaction to the war.

Moreover, it was spotted on Monday that the rate's flat movements are limited by moving averages that are acting as support and resistance.

A potential surge of the US Dollar against the Japanese Yen is set to face the resistance of the 200-hour simple moving average near 149.20 and the 149.50 level. The 149.50 acted as resistance on Friday and stopped the surge that started after the US employment release.

In the case of a USD/JPY decline the rate is set to look for support in the combination of the 50 and 100-hour simple moving average and the weekly simple pivot point near 149.00. Further below, take into account the 148.50 level that appears to be capable of impacting the currency rate.
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Mon, 09 Oct 2023 14:09:17 GMT

Gold price reacts to war

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GBP/USD reacts to global events

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