Dukascopy Bank Team
Dukascopy Bank SA
USD/JPY
The previously-low volatility of USD/JPY changed early today when the Bank of Japan pledged to keep its interest rates at low levels, as the rate started fluctuating between the 200-hour SMA and a senior channel line. The US will release several data sets today; thus, the current movement sideways might end today.
Given that the Greenback has moved above the 55– and 100-hour and 200-period (4H) SMAs, these moving averages might provide support for the rate.
However, traders should still consider the strong resistance cluster set by the 55– and 100-period SMAs and the weekly R1 at 111.55. A breakout from this level should be followed by a surge up to 113.00 in the medium term. Technical indicators suggest that this appreciation might occur within the following week.
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.
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