USD/JPY is above 150.00

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Source: Dukascopy Bank SA


The USD/JPY reached above the 150.00 mark on October 17. However, resistance was found near 150.30. This level caused a decline of the rate down to the support and resistance range that surrounds the 149.00 level. The 149.00 provided support and by mid-Monday the rate was heading back to 150.30.

A move above 150.30 and the weekly R1 simple pivot point at 150.27 could result in the pair reaching the 151.00 mark and the weekly R2 without facing any other resistance. Higher above, note the weekly R3 at 151.74 level.

On the other hand, a decline of the US Dollar against the Yen is set to look for support in the 50-hour SMA near 149.80 and the 150.00 level. Further below, note the combination of the 100 and 200-hour simple moving averages and the weekly simple pivot point at 149.56. If all of these levels fail to hold, the pair will once again approach 149.00.
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