USD/JPY reacts to Bank of Japan statements

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


In general, the Bank of Japan has revealed that the Japanese economy is doing bad. The news added new fuel to the already ongoing massive decline of the value of the Japanese Yen. On the USD/JPY charts the events resulted in a move above the 125.50 level. During the early hours of Monday's US trading hours, the pair was finding support in the 125.50 mark.

If the pair continues to surge, next target would be the 126.00 mark. Above the round exchange rate level, note the weekly R2 simple pivot point at 126.15. Higher above, there is no technical resistance and the pair could slow down at other round exchange rate levels.

On the other hand, a decline of the US Dollar against the Japanese Yen might look for support in the 125.50 level, the weekly R1 simple pivot point at 125.22 and the 125.00 mark.
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