USD/JPY support holds

Source: Dukascopy Bank SA


The USD/JPY continued to move higher and higher, as the Dollar gained value and the Yen kept getting weaker. This in turn has caused another intervention of the Bank of Japan. The central bank pushed the Yen up, which caused a drop of the rate.

However, it stopped at the support of the 154.70/154.80 range. The range held and caused a resumption of the surge. It appears that the Bank of Japan has failed once again.

A move higher needs to pass the weekly simple pivot point at 157.09. Higher above resistance could be countered in round exchange rate levels, before the pair finally once again tests the combination of the 160.00 mark and the 159.69 level where the weekly R1 is located at.

If the pair declines, it is set to look for support in the 100 and 200-hour simple moving averages and the weekly S1 simple pivot point, prior to reaching the 154.70/154.80 zone.
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