USD/JPY reacts to fundamentals

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


At the end of the year US firms book losses on assets to reduce their annual profit and with it the taxable income. It occurs by selling stocks, bonds, other currencies on last day of the year and buying them back on the first day of trading. Namely, big players are selling everything against the Dollar, which is boosting the USD value.

The USD/JPY has recovered due to the phenomena, but it encountered resistance and stopped at the 141.85/142.05 zone and the 100-hour simple moving average.

A potential breaking of the 142.05 level and the 100-hour SMA could result in a move to the combination of the 142.50 level and the 200-hour simple moving average. Higher above, note the 143.00 mark and the weekly simple pivot point at 143.23.

On the other hand, a resumption of the broader decline of the US Dollar against the Japanese Yen would have to pass below the support range at 140.95/141.20. Below the support range, the 140.00 mark is set to act as support.
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