USD/JPY declines after news

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


The announced stimulus by the Chinese government caused a surge of assets and currencies across all of Asia. The Japanese yen also surged on Friday. The event resulted in the pair dropping from 146.50 level down to 143.00. Moreover, the decline continued on Monday, as the pair reached the support range at 141.70/142.00.

A potential recovery of the US Dollar against the Yen is set to face a cluster of technical levels near 143.50. Near that level the 50, 100 and 200-hour simple moving averages are located together with the weekly simple pivot point. If these levels do not provide resistance, the next target would be first the 144.50 level and then the 145.00 mark that is supported by the weekly R1 simple pivot point.

On the other hand, a decline below 141.70 might result in the rate finding support at three levels. Firstly, note the weekly S1 simple pivot point at 140.65. Second is the 140.30/140.35 range, and last but not the least take into account the 139.60/139.70 zone.
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