USD/JPY is above 160.00

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


On Wednesday, an announcement by the government of Japan that the country's GDP will be reviewed cause a decline of the Japanese Yen. Namely, markets are speculating that the GDP will be reviewed to the downside. As a result, the USD/JPY broke the resistance of the 160.00 mark.

An extension of the ongoing surge could be slowed down by the weekly R1 simple pivot point at 160.68. However, as always, the USD/JPY rate is expected to respect round exchange rate levels. The 160.50, 161.00 and 161.50 could act as resistance, before the weekly R2 is reached at 161.60.

However, a potential decline of the rate is expected to look for support in the 160.00 mark and the ascending hourly simple moving averages near 159.60 and 159.40. If these levels fail to provide support, the weekly simple pivot point and the 159.00 level might stop a decline.
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