USD/JPY recovery passes above 145.00

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Source: Dukascopy Bank SA


The support of the 141.70 level was enough to cause a broader recovery. By mid-Wednesday, despite various resistance levels, the rate managed to break above 145.00 and was heading to the 146.50 level.

A move above 146.50 is set to result in the rate facing the 147.00 mark and afterwards the 148.00 level. Both of these levels have acted as support and resistance during August. In addition, resistance could be provided by the weekly R2 simple pivot point at 147.99.

In the case of a decline, the rate has a lot of support to use. First, note the weekly R1 simple pivot point at 145.07 and the 145.00 mark. Below these levels, there is the 144.40/144.65 range. Further below, the 50, 100 and 200-hour simple moving averages are set to act as support near the weekly simple pivot point and the 143.50 level.
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