USD/JPY support and resistance are marked

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Source: Dukascopy Bank SA


Since the bounce off from the 150 mark, the USD/JPY has been trading between two zones. Support is found at 148.15/148.30. Resistance is located at 149.30/149.50. Meanwhile, it appears that the rate is ignoring the simple moving averages and the weekly simple pivot point.

A move above the 149.50 mark is expected to face major resistance in the 150.00 mark. Both the retail sector and large banks consider the 150.00 level, where the Bank of Japan intervenes in the forex market and strengthens the Yen.

On the other hand, a decline of the rate below 148.15 could look for support in the 148.00 level and the weekly S1 simple pivot point at 147.64.
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