#USDJPY @ 146.875 climbs above 146.00, an area where the BoJ intervened in the market, though the major extended its gains. (Pivot Orderbook analysis)
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- USD/JPY climbs above 146.00, an area where the BoJ intervened in the market, though the major extended its gains.
- BoJ’s Governor Kuroda remained dovish as the BoJ is trying to get inflation to its 2% target.
- USD/JPY remains upward biased, and worries about BoJ’s intervention keep traders cautious.
The pair currently trades last at 146.875.
The previous day high was 145.9 while the previous day low was 145.43. The daily 38.2% Fib levels comes at 145.72, expected to provide support. Similarly, the daily 61.8% fib level is at 145.61, expected to provide support.
The USD/JPY extends its rally above the 146.00 mark, courtesy of BoJ’s Governor Kuroda, giving the green light to continue weakening the Japanese yen. Hence, USD/JPY traders opened fresh longs, lifting the pair toward the 147.00 level. At the time of writing, the USD/JPY is trading at 146.72, up by 0.73%.
On Wednesday, the USD/JPY cleared the top of the 145.30-90 range, extending its gains above the 146.00 figure. Even though fears of a possible BoJ intervention waned with Governor Kuroda’s earlier comments, it kept the USD/JPY upward pressured. Traders should be aware that a break above 147.00 will expose an essential resistance at 147.67 on its way toward 150.00.
The USD/JPY, one-hour time frame, suggests the pair is upward biased. Nevertheless, it peaked at around 146.96 due to recent US fundamental news, namely the FOMC’s last meeting minutes, spurring a reaction to the downside. Broad US dollar weakness weighed on the USD/JPY, sliding toward the 146.70 region. Once cleared, the next support area would be the confluence of the 20-EMA and the R3 daily pivot at around 149.45/46, from where the pair could resume its uptrend.
If that scenario plays out, the USD/JPY first resistance would be the October 12 high at 146.96. Break above will expose 147.00, followed by August’s 1998 high of 147.67.
Technical Levels: Supports and Resistances
USDJPY currently trading at 146.72 at the time of writing. Pair opened at 145.86 and is trading with a change of 0.59 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 146.72 |
| 1 | Today Daily Change | 0.86 |
| 2 | Today Daily Change % | 0.59 |
| 3 | Today daily open | 145.86 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 144.21, 50 SMA 140.29, 100 SMA @ 137.38 and 200 SMA @ 129.01.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 144.21 |
| 1 | Daily SMA50 | 140.29 |
| 2 | Daily SMA100 | 137.38 |
| 3 | Daily SMA200 | 129.01 |
The previous day high was 145.9 while the previous day low was 145.43. The daily 38.2% Fib levels comes at 145.72, expected to provide support. Similarly, the daily 61.8% fib level is at 145.61, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 145.56, 145.26, 145.09
- Pivot resistance is noted at 146.03, 146.2, 146.5
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 145.90 |
| Previous Daily Low | 145.43 |
| Previous Weekly High | 145.44 |
| Previous Weekly Low | 143.53 |
| Previous Monthly High | 145.90 |
| Previous Monthly Low | 138.78 |
| Daily Fibonacci 38.2% | 145.72 |
| Daily Fibonacci 61.8% | 145.61 |
| Daily Pivot Point S1 | 145.56 |
| Daily Pivot Point S2 | 145.26 |
| Daily Pivot Point S3 | 145.09 |
| Daily Pivot Point R1 | 146.03 |
| Daily Pivot Point R2 | 146.20 |
| Daily Pivot Point R3 | 146.50 |
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