USD/JPY pierces below 146.00

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


The United States Federal Reserve has just published its Federal Funds Rate. As expected, the central bank has kept its base rate unchanged at 5.50%. The no change was expected.

Afterwards, the markets were looking forward to the follow up press conference of the Chairman of the Federal Reserve Jerome Powell. In general, the head of the central bank stated that there are no expectations of Fed Funds Rate cut. The only way the policymakers would ease the rate would, if something breaks. Namely, unemployment bounces above 4.0% or the banking sector crashes. These comments caused a surge of the US Dollar that beat down the stock market. However, by mid-Thursday, a recovery was taking place in the market.

The USD/JPY reacted to the news by testing the resistance of the 147.50 level and the 50-hour simple moving averages. Afterwards, the rate declined to the 146.50 level and started to trade in the 146.50/147.00 range. After the US markets opened on Thursday, the USD/JPY declined and shortly traded below 146.00.

An extension of the decline could look for support in the weekly S2 simple pivot point at 145.78. Further below, note the 145.50 and 145.00 levels that are highly likely going to impact the rate.

On the other hand, a resumption of the previous USD surge against the Yen is set to face the 146.50 and 147.00 levels and the weekly S1 simple pivot point at 146.97 and the descending 50-hour simple moving average. Higher above, take into account the 100 and 200-hour simple moving averages near the 147.50 level.
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