USDJPY

The Japanese Yen (JPY) staged a solid intraday recovery against its US counterpart during the Asian session on Monday from its lowest level since October 1986, rising nearly 500 pips from levels below the psychological mark of 160.00. The sharp intraday rise can be attributed to some interventions by the Japanese authorities to support the local currency, although no official statement has been made so far. This, along with a modest US Dollar (USD) decline, is contributing to the sharp decline witnessed by the USD/JPY pair in the last hour. The 158.09 level can be followed in intraday uptrends. If this level is broken, resistances at 159.57, 161.65 and 163.13 could become important. In case of a pullback, support levels at 156.01, 154.53 and 152.45 will be monitored. Support: 156.010 – 154.530 Resistance: 158.090 – 159.570