USD/JPY reaches above 115.25 due to Fed

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Source: Dukascopy Bank SA


On Wednesday at 19:00 GMT, the US Federal Reserve confirmed that it would end quantitative easing, gradually decrease its balance sheet and hike interest rates. The event resulted in a minor decline of the USD, which was followed by a sharp surge of the US currency.

On the USD/JPY charts this resulted in a crashing of the channel up pattern that had guided the rate before. By mid-Thursday, the rate had touched the 115.25 mark. Moreover, the pair faced no resistance.

In theory, due to the lack of resistance, the pair should continue to surge higher. However, note that round exchange rate levels might stop the surge. Namely, the 115.50 mark and the weekly R2 simple pivot point at 115.58 might act as resistance.

On the other hand, a decline would look for support in the 115.00 mark, before reaching the support of the weekly R1 simple pivot point at 114.65.
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