USD/JPY plummets due to Fed

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


On Wednesday, the value of the US Dollar plummeted despite the US Federal Funds Rate hike. The decline occurred due to comments made by the head of the Federal Reserve that they could ease the future policy of rate hikes. Due to that reason, the USD adjusted to the possible future of a smaller demand for the US currency.

On the USD/JPY currency exchange charts the event resulted in a decline below the 135.50 level. However, during early Thursday's trading, the rate appeared to have started a recovery, as it reached back up above 135.50.

A continuation of the recovery of the US Dollar might encounter resistance in the 136.00 and 136.50 levels. In addition, note the 50 and 100-hour simple moving averages near 136.50.

On the other hand, an extension of the USD decline against the Yen might look for support in the 135.00 mark, the low level at 134.75 and the weekly S1 simple pivot point.
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