#USDJPY @ 144.470 The broke out of the 142.60-143.60 area on Wednesday, gaining some 0.43%. (Pivot Orderbook analysis)

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• The USD/JPY broke out of the 142.60-143.60 area on Wednesday, gaining some 0.43%.
• From a long-term perspective, the USD/JPY is still upward biased, further confirmed by the RSI’s remaining in bullish territory.
• Short term, the USD/JPY is also upward biased and could aim towards the 145.00 area if the Fed hikes 75 bps and keeps its hawkish stance.

The pair currently trades last at 144.470.

The previous day high was 143.92 while the previous day low was 142.93. The daily 38.2% Fib levels comes at 143.54, expected to provide support. Similarly, the daily 61.8% fib level is at 143.31, expected to provide support.

The USD/JPY slightly advances for the third consecutive day, hitting a fresh weekly high at around 144.31, ahead of the US Federal Reserve monetary policy decision, where the US central bank is awaited to lift rates above the 3% threshold. Therefore, the USD/JPY is trading at 144.31, above the opening price by 0.41%, at the time of writing.

From a daily chart perspective, the USD/JPY remains upward biased, underpinned by the US 10-year Treasury bond yield movement. Worth noting that the Relative Strength Index (RSI) got a respite after reaching the YTD high at 144.99. though at the time of typing, RSI’s just crossed above its 7-day SMA, depicting that buyers are gathering momentum ahead of the US Fed decision.

Short term, the USD/JPY four-hour chart portrays the same scenario as the daily chart, upward biased. Once the USD/JPY hit the YTD high, it dived towards 141.50, September’s low, forming a base. Since then, the major began trading around the 141.50-144.90 area, but lately, stuck in the 142.60-143.60 range. However, during Wednesday’s session, the USD/JPY broke upward, opening the door for a test of the August 1998 high of 147.67.

Therefore, the USD/JPY’s first resistance would be the YTD high at 144.99. A break above will expose the R3 daily pivot at 145.09, followed by the 146.00 psychological level, ahead of August’s 1998 high at 147.67. On the flip side, the USD/JPY first support would be the R1 daily pivot at 144.12. A breach of the latter will expose the confluence of the daily pivot and the 20-EMA at 143.54, followed by the 50-EMA at 143.33, ahead of the S1 pivot at around 143.00.

Technical Levels: Supports and Resistances

USDJPY currently trading at 144.35 at the time of writing. Pair opened at 143.76 and is trading with a change of 0.41 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.29, 50 SMA 137.84, 100 SMA @ 135.06 and 200 SMA @ 126.77.

The previous day high was 143.92 while the previous day low was 142.93. The daily 38.2% Fib levels comes at 143.54, expected to provide support. Similarly, the daily 61.8% fib level is at 143.31, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 143.15, 142.55, 142.16
• Pivot resistance is noted at 144.14, 144.53, 145.13

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