USD/JPY surge ends at new high

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


The surge that was caused by the future inflation forecast changes of the Bank of Japan eventually resulted in a USD/JPY 233 pip move or a surge of 1.56%. A new 2023 high level was reached and tested two times at 151.70. Afterwards, the US Dollar began to consolidate its gains near 151.50, as the US Federal Reserve revealed its future monetary policy stance.

The United States Federal Reserve has just revealed that it will keep the Federal Funds Rate unchanged at 5.50%. The event was followed by the press conference of the Chairman of the Federal Reserve Jerome Powell. His initial talk caused a boost of the USD. However, the afterwards question and answers session crashed the USD.

Eventually, on Thursday morning the rate appeared to have found support in the combination of the 100 and 200-hour simple moving averages at 150.30 and 150.15. Meanwhile, resistance was provided by the 150.50 level and the weekly R1 simple pivot point at 150.48.

A decline of the rate below the moving averages is expected to look for support in the 150.00 mark and the weekly simple pivot point at 149.90. Below these levels note the support of the 149.50 level and the zone below it. In addition, the weekly S1 simple pivot point and the 149.00 could stop a decline.

On the other hand, a recovery of the US Dollar would have to reach above 150.50 level, before approaching the 151.00 mark and the 50-hour simple moving average. Higher above, note the weekly R2 at 151.35, the 151.00 level and the recent high level at 151.70.
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