USD/JPY approaches 155.00

Source: Dukascopy Bank SA


On April 23rd, the US Dollar dropped at 13:45 GMT. The drop was created by the publication of the United States Manufacturing and Services sector Purchasing Managers Indices. Released numbers showed a slowdown of US business activity.

On the USD/JPY charts it resulted in a dip below the 154.70/154.80 range down to the support of the 100-hour simple moving average. These levels pushed the rate up. On Wednesday, the rate was finding support in the 154.70/154.80 range and the 50-hour simple moving average. In general, the markets see the weakness of the Yen as larger issue than potential slowdown in the US.

In the near term future, the pair is set to face the resistance of the 155.00 mark. If this level fails, the USD/JPY will encounter resistance in the weekly R1 at 155.24 level, before reaching the 156.00 level and the weekly R2 at 155.92.

Meanwhile, note that a decline would have to pass below the 154.70/154.80 range and the 50 and 100-hour simple moving averages. Further below, the 154.50 level and the 200-hour SMA are set to act as support. If all of these levels fail, look for the weekly simple pivot point at 154.10, the 154.00 mark and the 153.85/153.95 zone.
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