USD/JPY surges before BoJ events

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


The USD/JPY appears to be still waiting for the Bank of Japan to initiate a move, as the central bank is set to announces its future policy. Meanwhile, the rate started to surge, as it moved above 142.50. However, it could be short sellers closing their positions and taking profit before the fundamental event.

From a technical perspective, the surge of the US Dollar against the Yen is set to face the weekly simple pivot point and the 100-hour simple moving average at 143.23. Higher above the 143.50 and 144.00 levels could slow down the rate, before it reaches the 200-hour simple moving average and the 144.30/145.00 range.

A decline of the USD/JPY would look for support in the 142.00 level and the 50-hour simple moving average. Below these levels, the 141.00 mark is highly likely to once again act as support, before the pair reaches the 140.00 mark. Meanwhile, note that it could be the case that there is a support range at 140.00/141.00.
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