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In the aftermath of another intervention, the USD/JPY pair appears to be steadily declining. Namely, this week the US Dollar is experiencing a broad decline due to the markets expecting the US Federal Reserve to change its policy to be less restrictive.
On Wednesday morning the currency pair had reached and pierced the support of the 147.00 mark. An extension of the ongoing decline might look for support in round exchange rate levels at 146.50, 146.00, 145.50. Eventually, the pair could approach the weekly S1 simple pivot point at 145.19.
Meanwhile, a potential recovery of the US Dollar against the Yen is set to face resistance at 147.50 and 148.00, prior to reaching the weekly simple pivot point at 148.56, the 148.50 level and the 50, 100 and 200-hour simple moving averages.
Wed, 26 Oct 2022 13:14:41 GMT
Source: Dukascopy Bank SA
In the aftermath of another intervention, the USD/JPY pair appears to be steadily declining. Namely, this week the US Dollar is experiencing a broad decline due to the markets expecting the US Federal Reserve to change its policy to be less restrictive.
On Wednesday morning the currency pair had reached and pierced the support of the 147.00 mark. An extension of the ongoing decline might look for support in round exchange rate levels at 146.50, 146.00, 145.50. Eventually, the pair could approach the weekly S1 simple pivot point at 145.19.
Meanwhile, a potential recovery of the US Dollar against the Yen is set to face resistance at 147.50 and 148.00, prior to reaching the weekly simple pivot point at 148.56, the 148.50 level and the 50, 100 and 200-hour simple moving averages.