USD/JPY reaches above 119.00

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Source: Dukascopy Bank SA


The USD/JPY currency exchange rate was reaching above the 119.00 mark, as the US Federal Reserve Chairman Jerome Powell talked at a press conference and caused a drop of the USD. On the charts it resulted in a decline back to the 118.60 level.

However, the pair made another attempt at passing the 119.00 mark, which failed. On Thursday, the pair retraced down to the 118.50 level and found support in it.

A passing above the 119.00 mark of the USD/JPY currency pair might reach for the resistance of the 119.50 and 120.00 levels. Take into account that the pair has not been this high since early 2016.

Meanwhile, a decline of the USD against the Japanese Yen could look for support in the 2017 high level at 118.60 and the 118.50 mark, before approaching the 118.40/118.45 zone and the 50-hour simple moving average.
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