USD/JPY still aims at 152.00

Source: Dukascopy Bank SA


Announcements by the Bank of Japan of upcoming tightening of JPY supply and that the bank does not want the USD/JPY above 152.00 pushed the rate down. The USD/JPY plummeted in sharp moves on Thursday and midnight to Friday. The rate reached the support zone at 150.70/150.90.

However, the market still pushed the rate higher and at mid-Friday the US statisticians revealed that the employment in the USA does not favour a US rate cut. The USD surged against all other assets. By mid-Monday, the rate is again at the prior high level zone at 151.75/151.97. The USD/JPY is again at levels that the Bank of Japan is against.

In general, if the Japanese monetary policy makers once again take action, the rate could plummet. A potential decline could find support in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point at 151.46. Further below, take into account the support zone above 151.00 and the weekly simple pivot point at 150.97. If these levels fail, the 150.70/150.9 range could come into play once again.

On the other hand, a move above 152.00 could be impacted by the 152.11 level where the weekly R1 simple pivot point is located at. Meanwhile, note that fundamental announcements by the Bank of Japan are highly likely. The bank is known for involving directly in the market and manipulating it by selling or buying large amounts of Yen against the US Dollar.
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