USD/JPY bounces off 133.50

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


At the start of April trading, the US Dollar was highly volatile. Initially, OPEC+ decreased production. The decrease caused a surge of oil prices. The increase of oil prices first of all increased demand for oil deals in USD and secondly signals that inflation would remain high. High inflation is expected to be the basis for more USD interest rate hikes.

However, by mid-Monday, the markets had shrugged off the news and the USD was near previous levels. The initial spike of the USD/JPY managed to pierce the 133.50 level's resistance. However, the pair started a decline and by 12:00 GMT the pair was at 132.50.

A move below 132.50 might be slowed down by the weekly simple pivot point at 132.27, the 132.00 level and the 200-hour simple moving average near 131.78.

On the other hand, a recovery of the US Dollar against the Japanese Yen is expected to face resistance at 133.00 and the 50-hour simple moving average, prior to once again testing the 133.50 mark.
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