USD/JPY reaches pre-intervention resistance zone

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Source: Dukascopy Bank SA


The recovery of the USD/JPY pair has reached the 144.70/145.00 zone, which had acted as resistance for most of September. Once the zone was broken last week, the Bank of Japan intervened in the market.

A move above the 145.00 level might result in the rate finding resistance in the 145.50 and 145.75 levels. However, it is currently unclear at which point would the Bank of Japan once again intervene and beat the rate down, or would the policymakers allow the Yen to depreciate.

On the other hand, a bounce off from the resistance zone is expected to look for support in the 144.00 level and the 50-hour simple moving average. Further below, the 143.50 level and the 100 and 200-hour SMAs might stop a decline of the USD against the Japanese Yen.
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