USD/JPY manages to recover

Source: Dukascopy Bank SA


Despite the Bank of Japan official comments pushing the USD/JPY below 155.00, the rate has managed to recover. Moreover, on June 7 the surge was boosted by the release of the US monthly employment data. The event pushed the rate as high as 157.00.

If the pair continues to move higher, it is expected to face a resistance zone at 157.50. However, take into account that all round levels impact the rate. Most likely 158.00, 159.00 will act as major resistance to the pair's recovery, before the 160.00 mark is reached.

On the other hand, if the Bank of Japan takes action, the rate is set to fall due to a strengthening of the Japanese Yen. In this case scenario watch the 155.00 mark and this week's low level at 154.50.
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