USD/JPY breaks 2022 high

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


Throughout this week, US inflation was revealed to be higher than expected, despite rising inflation was already expected. This indicates that the FED has to hike rates, which is strengthening the USD. Meanwhile, the Bank of Japan has ruled out that it could hike interest rates to stop the decline of the currency. The central bank is more concerned with inflation and employment than exchange rates against other global currencies. This has weakened the Yen even more.

On the USD/JPY charts it resulted in the pair sharply breaking the recent high level range, the 2022 high level of 152.00 and the weekly R1 and R2 simple pivot point. Namely, nothing could stop the adjustment. Moreover, after the events the rate continued higher, as it broke the 153.00 level. On Friday morning, the 153.00 level turned into support and the rate passed above the weekly R3 simple pivot point at 153.25.

If the surge continues, the rate could aim at new high levels not seen for decades. It is highly likely that round price levels like the 153.50, 154.00 and 154.50 slow down the rate, before the major 155.00 would be reached.

In the case of a consolidation by declining, the pair is expected to look for support in the 50-hour simple moving average and the 153.00 level. Further below, note the weekly R2 simple pivot point at 152.60 that could be soon strengthened by the 100-hour simple moving average. Even further below, note the 152.00 mark, the weekly R1 simple pivot point at 152.11 and the 200-hour simple moving average.
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