USD/JPY recovers after manipulation

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


Last week, for the first time since 1998, the Bank of Japan has intervened in the currency market with direct transactions. However, the manipulation appears to have failed as by mid-Monday the pair was approaching the 144.50 level and could soon once again be above the 145.00 mark.

In the meantime, it was spotted that the pair was shortly being impacted by the support of the technical levels that are spread out from 142.90 up to 143.40.

If the rate continue to surge, it might encounter resistance in the 145.00 mark, before the pre-intervention high would be reached. The 145.85/145.90 zone appears to be the one, where the Bank of Japan intervenes.

On the other hand, a decline of the US Dollar against the Japanese Yen would look for support in the 142.90/143.40 zone, the 142.50 and 142.00 levels.
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