USD/JPY reaches below 147.00

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Source: Dukascopy Bank SA


The decline of the US Dollar against the Japanese Yen reached below the 147.00 mark at midnight to Wednesday. However, it was followed by a recovery, as the short sellers are taking gains before the release of the US Gross Domestic Product data scheduled for 13:30 GMT. The data set is expected to impact the pair and set its future direction.

A potential resumption of the decline is expected to look for support in the 147.15/147.35 range and the 147.00 mark. Further below, the 146.50 level might act as support, prior to the pair reaching the combination of the weekly S2 simple pivot point and the 146.00 mark.

In the meantime, an extension of the ongoing recovery is set to face the 148.00 mark and the 50-hour simple moving average. Above these levels strong resistance is expected at 148.50/149.00, as the range between these levels has been acting as support and resistance. Moreover, it is strengthened by the weekly simple pivot point and the 100 and 200-hour simple moving averages.
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