USD/JPY declines significantly, with strong support at 76.50

On Tuesday (November 22), the USD/JPY rallied sharply after rising in a narrow range in early Asian trading. It rose from 76.97 to 77.33 yen in approximately 20 minutes and is currently trading at 77.17.

As the market is still worried that the Bank of Japan will intervene in the foreign exchange market, the USD/JPY maintains a turbulent trend below 77.00.

Analysts pointed out that the 4 hours chart shows that despite the lack of momentum, the USD/JPY downward trend is still evident, with strong support at 76.50.

Analysts said that the USD/JPY resistance is at 77.10, 77.45 and the support is at 76.50, 76.20, and 76.00.

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