USD/JPY drops due to fundamentals

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


The Bank of Japan has hinted that it would end its ultra easy monetary policy next year. The news caused a major drop of the USD/JPY, as it ignored one support level after another. By mid-Thursday, the pair had already reached below 144.00.

An extension of the decline below the 144.00 mark could be slowed down by the 143.50 and 143.00 levels. Below these round levels the pair is set to look for support in the weekly S3 simple pivot point that might impact the pair. It is possible due to the observation that despite the fundamental nature of the drop, the rate paused near the combination of the weekly S2 simple pivot point and the 144.50 level.

However, a potential recovery of the US Dollar against the Japanese Yen is likely to encounter resistance in the weekly S2 at 144.69 and the 144.50 level. Higher above note the previously ignored 145.00 and 145.50 levels and the weekly S1 simple pivot point at 145.73.
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