USD/JPY fundamentals break pivot point

Source: Dukascopy Bank SA


The USD/JPY has continued to face the resistance of the weekly simple pivot point at 148.03 and the 148.00 level. Meanwhile, support was found at various levels like hourly moving averages and the 147.00 and 147.50 levels. On March 14, the publication of the monthly US Producer Price Index provided the needed energy for a breaking of the weekly simple pivot point. However, the 200-hour simple moving average acted as resistance at 148.35.

A move above the 200-hour simple moving average is expected to immediately result in the rate facing the resistance of the 148.50/149.00 range. Above these levels, the 149.50 has also acted as resistance.

However, a decline of the USD against the JPY is set to look for support in the 148.00 level and the weekly simple pivot point at 148.03. Further below, note the 50 and 100-hour simple moving averages near 147.50.
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