USD/JPY reaches above 131.00 due to BoJ

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


On Thursday morning, the USD/JPY pair was testing the resistance zone, which surrounds the 129.00 level. At 03:11 GMT, the Bank of Japan revealed that it would continue its monetary easing policy despite the low value of the Japanese Yen. The announcement resulted in a jump of the rate by 1.00%, which was followed by a surge to the 131.00 mark. By 15:00 GMT, the 131.00 level was passed, as the pair reached the 131.20 level.

If the US Dollar reaches against the Japanese Yen above the 131.20 mark and the weekly R2 simple pivot point, the pair would most likely encounter resistance in round exchange rate levels, before reaching teh weekly R3 at 133.00.

On the other hand, a potential decline of the currency exchange rate is expected to look for support at the 130.20/130.30 zone.
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