USD/JPY surges to 139.00

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


The speech of the Chairman of the US Federal Reserve Jerome Powell on Friday initially caused a drop of the USD/JPY rate, before a broad surge of the USD started. On the USD/JPY charts the initial drop reached the 200-hour simple moving average near 136.20. By the middle of Monday's European trading hours, the pair had surged to the 139.00 level.

If the rate manages to reach above the 139.00 level and the weekly R2 simple pivot point at 139.06, the pair would face no technical resistance as high as the weekly R3 simple pivot point at 140.35. However, note that the 139.50 and 140.00 levels are highly likely set to act as resistance.

On the other hand, in the case of a decline of the US Dollar, the pair might look for support first in the 138.50 level and the weekly R1 simple pivot point at 138.40. Further below, the 138.00 could slow down a decline, before the last week's high levels near 137.50 are reached.
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