USD/JPY reaches 137.00

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


The release of the higher than expected US Core PCE Price Index has indicated that the Federal Reserve continues to fail its fight against US inflation. It signals that the Fed is set to hike interest rates and continue with its hawkish monetary policy. Namely, the value of the US Dollar is set to rise due to rising US interest rates.

On the US Dollar against the Japanese Yen charts has resulted in a sharp surge. The surge slowed down a bit near 136.50, before resuming on Monday. By mid-day, the pair faced the resistance of the 137.00 mark.

A move above 137.00 is likely going to encounter resistance at 137.50 and the weekly R1 simple pivot point. Higher above, note the 138.00 and 138.50 levels and the weekly R2 at 138.82.

Meanwhile, a possible decline of the US Dollar versus the Yen could look for support at 136.50, 136.00 and 135.50. Note the approaching 50-hour simple moving average near 135.50.
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