#USDJPY @ 148.467 Japanese yen continues its decline across the board. (Pivot Orderbook analysis)

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• Japanese yen continues its decline across the board.
• USD/JPY at levels not seen since 1990, approaches 150.00.
• Intervention is unlikely over the next hours but Monday is another story.

The pair currently trades last at 148.467.

The previous day high was 147.67 while the previous day low was 146.45. The daily 38.2% Fib levels comes at 147.21, expected to provide support. Similarly, the daily 61.8% fib level is at 146.92, expected to provide support.

The USD/JPY rose further during the American session and printed a fresh 32-year high around the 148.50 area. US economic data showed increased inflation expectations and boosted the pair further.

The University of Michigan Consumer Confidence report showed an increase in long-term inflation expectation from 2.7% to 2.9%, triggering a new run in US yields that weighed on the Japanese yen.

The USD/JPY is about to post the ninth weekly gain in a row. Since mid-August, it has risen by more than 1500 pips and there are no signs of stopping. Neither the intervention from the Bank of Japan/Finance Minister nor the threats of more action alleviated the bearish pressure.

The divergence between the ultra-accommodative Bank of Japan and the tightening from the Federal Reserve (and many more central banks) is being ratified daily, leading to an everyday gain in USD/JPY.

No intervention seems likely over the following hours, even as the USD/JPY approaches 150.00. On Monday, the story could be a different one.

Technical Levels: Supports and Resistances

USDJPY currently trading at 148.45 at the time of writing. Pair opened at 147.13 and is trading with a change of 0.9 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 144.59, 50 SMA 140.84, 100 SMA @ 137.77 and 200 SMA @ 129.32.

The previous day high was 147.67 while the previous day low was 146.45. The daily 38.2% Fib levels comes at 147.21, expected to provide support. Similarly, the daily 61.8% fib level is at 146.92, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 146.5, 145.86, 145.27
• Pivot resistance is noted at 147.72, 148.31, 148.94

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