USD/JPY declines before the Fed

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


Today, all attention will be on the US Federal Reserve Rate announcement at 18:00 GMT. The event is going to set the base rate on the USD. A hike is expected to increase the USD demand and value, but no hike would decrease it.

Prior to the event, the USD/JPY declined below the 141.00 and 140.50 levels. It appeared that it was heading to the combined technical support of the 200-hour simple moving average and the 140.00 level.

A move below 140.00 could be slowed down by the 139.50 level and the combined support of the weekly S1 simple pivot point at 138.96 and the 139.00 mark.

In the case of a recovery of the US Dollar, resistance might be encountered in the 141.00 mark and the 50 and 100-hour simple moving averages. Higher above, note the 141.50 and 142.00 levels.

However, fundamentals and, especially, Fed rate hike are above all technicals.
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