USD/JPY drops to 155.00

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


The Bank of Japan has made comments that it would closely monitor the Yen's impact on the economy. Since most market participants see the Yen as too weak and hurting the economy, the comments indicated that the BoJ might strengthen the currency. Due to this reason, the USD/JPY pair started a decline on Tuesday morning. By mid-day the rate had reached below 155.00.

An extension of the ongoing decline could be slowed down by the lower trend line of a channel down pattern and round exchange rate levels like the 154.50, 154.00 and 153.30.

In the meantime, a potential recovery of the US Dollar against the Japanese Yen would have to break the resistance of the weekly S3 at 155.19. Higher above, note the combination of the weekly S2 at 155.78 and the descending upper trend line of the channel pattern.
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