USD/JPY surge aims at 150.00

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Source: Dukascopy Bank SA


The higher than expected US Consumer Price Index has initially created high volatility, but afterwards provided the needed push for the Dollar to surge. On the USD/JPY charts, the pair bounced between 148.50 and 149.50 just after the event. On Monday, the resistance of the 149.50 level was broken, and the rate was heading to 150.00.

A move above 150.00 and the weekly R1 simple pivot point at 149.99 might result in a broader surge that would have no resistance as high as the weekly R2 at 150.88, the upper trend line of a channel up pattern and the 151.00 mark.

On the other hand, a decline of the USD versus the Japanese Yen is set to look for support in the 149.50 and 149.00 levels. The 149.00 mark is being strengthened by the lower trend line of the channel up pattern and the 50 and 100-hour simple moving averages.
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