USD/JPY is above resistance range

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Source: Dukascopy Bank SA


The USD/JPY currency exchange rate has reached above the 148.50/149.00 range. The previous resistance appears to have turned into support. However, the 149.80 level has acted as resistance, before the pair has hit the 150.00 mark.

A move above the 149.80 level 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 is set to be supported by the 50 and 100-hour simple moving averages and the 148.50/149.00 range. Further below, take into account the weekly simple pivot point at 149.17 and the 200-hour simple moving average.
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