USD/JPY trades almost flat

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


It has been revealed by the Ministry of Finance that the Bank of Japan spent an equivalent of almost 20 billion US Dollars on its September 22 intervention in the Forex markets, which caused the USD/JPY drop from 145.90 down to 140.60. However, by September 26, all Japanese Yen currency rates were close to pre-intervention levels.

In general, the USD/JPY is still standing below the 144.70/145.00 zone and the situation remains unchanged since the recovery, which followed the Bank of Japan intervention in the forex market on 22.09.2022.

A move above the 145.00 level might result in the rate finding resistance in the 145.50 and 145.75 levels. However, it is currently unclear at which point would the Bank of Japan once again intervene and beat the rate down, or would the policymakers allow the Yen to depreciate.

On the other hand, a bounce off from the resistance zone is expected to look for support in the 50-hour simple moving average and the 144.00 level. In addition, note the approaching 100 and 200-hour simple moving averages.
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