USD/JPY jumps due to BoJ

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


The Bank of Japan announced on Monday that it would create, if needed, even unlimited supply of the Japanese Yen for the buying of the government's ten year maturity bonds in an effort to increase the price of the bonds and decreasing yields. Namely, the bank wants to keep borrowing costs low via a flooding of the money markets.

As a result, the USD/JPY jumped and shortly reached above the 125.00 mark. Moreover, the rate passed above the late 2015 high level at 123.70. However, by the middle of the day, the rate had retraced back down to the support of the weekly R1 simple pivot point at 123.44.

If the rate resumes to surge, the USD/JPY might once again test the resistance of the 125.00 mark, before reaching the 2015 high level at 125.85. In the meantime, the pair could encounter resistance in the 124.00 level and the weekly R2 simple pivot point at 124.61.

On the other hand, a decline below the weekly R1 simple pivot point at 123.44 would most likely look for support in the 123.00 level and the 123.50 mark, which is strengthened by the 50-hour simple moving average.
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