USD/JPY narrows range to 148.50/149.00

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Source: Dukascopy Bank SA


The USD/JPY has narrowed its sideways trading range to 148.50/149.00. Technical levels continue to be ignored. Support below 148.50 is found at 148.15/148.30. Resistance above 149.00 is located at 149.30/149.50.

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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