USD/JPY declines due to Powell

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


Comments about potential reduction of interest rate hikes by the Chairman of the US Federal Reserve Jerome Powell have caused a drop of the US Dollar. By the middle of Thursday's European trading hours, the pair had reached the 136.00 level.

If the rate continues to decline, the pair could look for support in the weekly S2 simple pivot point at 135.59, prior to approaching the 135.00 mark. Further below, there is no technical support. Round levels might act as support.

On the other hand, a recovery of the US Dollar against the Japanese Yen is expected to encounter resistance in the 137.00 level. Higher above, take into account the weekly S1 simple pivot point at 137.33 and the 50 and 100-hour simple moving averages near 138.20.
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