USD/JPY reacts to Bank of Japan

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


The announcements of the Bank of Japan this morning caused a major increase of volatility. The pair surged up to the resistance of the 131.50 level. However, by the middle of the day's European trading hours, the pair had retraced back to 129.00.

The 129.00 level previously acted as resistance and could turn into support. In addition, the round exchange rate level might gain additional strength from the 50 and 100-hour simple moving averages. If the 129.00 level is passed, note that the 128.00 has been impacting the rate during this week. Further below, the 127.22/127.45 zone could once again act as support.

However, a recovery of the US Dollar against the Japanese Yen might be slowed down by the weekly simple pivot point at 129.39, the 130.00 mark and the 200-hour simple moving average near 130.50. However, these levels failed to impact the pair during its fundamental surge in the morning hours of Wednesday.
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