USD/JPY aims at 150.00

Source: Dukascopy Bank SA


The USD/JPY retraced on Tuesday down to the support of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 147.60. The pair fluctuated above these levels, as it was kept down by the 50-hour simple moving average. However, recently the US Fed officials stated that they do not want any rate cuts, unless inflation clearly decreases. The event caused a surge. By mid-Thursday, USD/JPY was at 149.50.

A move above 149.50 is set to test the resistance of the 150.00 mark. Higher above, note the weekly R2 simple pivot point at 150.28. Higher above, the rate has respected all round levels. Namely, 150.50, 151.00 and 151.50 have all acted as resistance and support.

On the other hand, a decline of the US Dollar against the Yen could find support in the weekly R1 simple pivot point at 149.30, the 149.00 mark, the 148.50/148.80 range. In addition, the hourly simple moving averages are moving higher and could strengthen any of these levels.
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