USD/JPY finds support and tests 149.00

Source: Dukascopy Bank SA


The decline of the USD/JPY found support in the 147.20/147.50 range, before returning to once again test the 149.00 mark. In general, it is assumed that the publication of the US Consumer Price Index will reveal the future direction of the US Dollar, which will impact the currency exchange rate.

A move above 149.00 is expected to result in the rate facing the resistance of the 150.00 mark. Higher above, the 151.00 level and the weekly R1 simple pivot point are set to act as resistance.

On the other hand, a decline of the US Dollar against the Yen could find support in the combination of the 50 and 100-hour simple moving averages near 148.00. Below these levels, the 147.20/147.50 range could once again come into play.
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