USD/JPY reaches new high level

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY trades above the levels, where the Bank of Japan intervened with a 20 billion USD purchase of the Japanese Yen. The central bank appears to have failed at its attempt to stop the rate from reaching new highs. On Wednesday morning, the currency rate was clearly heading to the 146.50 level.

In the meantime, it has been spotted that the currency pair has been surging in a channel up pattern since October 5. The support line of the pattern has been tested a total of three times. However, a potential resistance line had caused a decline only once.

An extension of the ongoing surge is expected to encounter some resistance in the 146.50 level, the weekly R2 simple pivot point at 146.64 and the upper trend line of the channel up pattern near 146.75. Higher above, take into account the 147.00 level.

Meanwhile, a decline of the US Dollar against the Japanese Yen might look for support in the 146.00 level, the weekly R1 at 145.93, the 145.85/145.90 zone, the lower trend line of the channel up pattern and the 50-hour simple moving average. If these levels fail, the 145.50 and the 100-hour SMA might act as support.
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Wed, 12 Oct 2022 09:30:48 GMT

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