USD/JPY approaches November low level

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Source: Dukascopy Bank SA


The release of the worse than expected US Unemployment Claims and Purchasing Managers Indices caused a decline of the US Dollar during the second part of Wednesday's trading. The worse than expected data signalled to the markets that the Federal Reserve might not hike US interest rates as steeply, as previously thought. Namely, the borrowing costs and with it demand for the USD is now forecast to be lower than previously thought.

On the USD/JPY charts the event resulted in a decline, which by the middle of Thursday's trading appeared to be heading to the 138.00 level or the November low level at 137.67.

A move below the 137.67 level could look for support in the 137.50 and 137.00 levels, before the combination of the 138.50 and the weekly R2 simple pivot point at 138.49 would be reached. On the other hand, a recovery of the US Dollar against the Japanese Yen could encounter resistance first in the 138.50 level and the weekly R1 simple pivot point at 138.41 and afterwards the 139.00 mark.
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Thu, 24 Nov 2022 10:44:13 GMT

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