USD/JPY ignores technical levels

Note: This section contains information in English only.
Source: Dukascopy Bank SA


Since the middle of Tuesday's European trading hours, the USD/JPY currency exchange rate has been ignoring technical levels. The exception to the statement is the providing of support by the already failed weekly simple pivot point at 115.62. On Wednesday, at 19:00 GMT, the pair reacted to the FOMC Meeting Minutes with a decline to the 115.40 level.

In regards to the near term future, if the rate declines, it could look for support in the February 11 and 14 low level zone above the 115.00 mark. Further below, take into account the weekly S1 simple pivot point.

On the other hand, a recovery of the US Dollar against the Japanese Yen might find resistance in the combination of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point in the 115.50/115.65 range. However, not that these technical levels have been mostly ignored. Due to that reason, it is more likely that the pair would find resistance in the 115.80 mark.
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