USD/JPY jumps on Fed announcement

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


The USD/JPY currency exchange rate pierced the resistance zone of 113.88/113.96, as the US Federal Reserve revealed that it would decrease stimulus. Although, the surge stopped at the 114.28 level. Take into account that the USD/JPY is the only of the top pairs, where the initial surge of the USD caused by the Fed was not followed up by a decline of the Dollar. That is explained, as follows.

The announcement of a decrease of stimulus initially caused a jump of the USD. Afterwards, as the markets realized that the supply of the USD would still grow, the value of the currency started to decline. However, on the USD/JPY charts the initial jump was not reversed, as the certainty of the future caused a broader risk on sentiment, as risk assets surged and the JPY declined due to its safe haven status.

In the near term future, if the pair passes the resistance of the post-Fed-spike-high levels at 114.22/114.28, the USD/JPY might reach the weekly R2 simple pivot point at 114.51 and the 114.50 mark. Higher above, the weekly R3 and the 115.00 level could stop a surge.

On the other hand, a decline of the US Dollar against the Japanese Yen would most likely look for support in the combination of the 114.00 mark, the weekly R1 simple pivot point at 113.95, the 50-hour simple moving average and the previous December high level zone at 113.88/113.96. Below these levels, the 100 and 200-hour SMAs are located near 113.70 and 113.60.
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