USD/JPY surges after Fed rate hike

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


The United States Federal Reserve hiked its Federal Funds Rate by 0.50%. The market consensus forecast was a 0.50% hike, which has brought the rate from 4.00% up to 4.50%. The initial rate hike caused a surge of the US Dollar, drop of the equity markets and surge of peer currencies. The event was followed by the press conference of the Chairman of the US Fed. As the head of the central bank made his speech, the initial move extended and the US Dollar surged, moving the rest of the markets down.

On the USD/JPY charts the event has caused a recovery. By the middle of Thursday's trading, the pair had reached the 137.00 mark. During the surge, the rate ignored the resistance of the 50, 100 and 200-hour simple moving averages and the weekly simple pivot point.

A continuation of the surge might be slowed down by the 137.50 mark, before approaching the resistance zone at 137.85/137.95. On the other hand, a decline could look for support in the 136.00 and 135.50 levels.
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