#USDJPY @ 148.819 Despite an upbeat sentiment, is almost flat as rumors of Japanese intervention in the FX market loom. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Despite an upbeat sentiment, USD/JPY is almost flat as rumors of Japanese intervention in the FX market loom.
• The USD/JPY daily chart shows the pair as overbought as the RSI above 70 gives a respite to USD/JPY bulls.
• Near-term, an ascending triangle in the hourly targets the USD/JPY will rise to 149.36-50.

The pair currently trades last at 148.819.

The previous day high was 148.86 while the previous day low was 147.09. The daily 38.2% Fib levels comes at 148.19, expected to provide support. Similarly, the daily 61.8% fib level is at 147.77, expected to provide support.

The USD/JPY extends its gains, for the ninth consecutive trading day, bolstered by renewed Bank of Japan (BoJ) dovish commentary during the last week, despite the Minister of Finance Suzuki and Japan’s PM Kishida’s efforts to propel the Japanese yen. At the time of writing, the USD/JPY is trading at 148.75, above its opening price by 0.01%.

The USD/JPY printed a fresh 32-year high of 148.89, as the pair closes to the 150.00 figure, but fears of another FX intervention by Japanese authorities refrain traders from opening fresh longs on the USD/JPY. It should be noted that the daily chart depicts oscillators at overbought conditions, namely the Relative Strength Index (RSI), which at 76.74, is almost flat, giving a respite for USD/JPY shorts.

The USD/JPY one-hour chart delineates the pair in consolidation, hoovering around the 20-EMA, which, sitting below the exchange rates, suggests the pair is upwards. However, price action’s printing lower highs and higher lows signal that it could be forming an ascending triangle, which would pave the way for further gains.

A break above 148.89 will expose the 149.00 figure. Once cleared, the following resistance would be the R1 daily pivot and also the ascending-triangle measure objective at 149.36, immediately followed by 149.50 and the 150.00 figure.

Technical Levels: Supports and Resistances

USDJPY currently trading at 148.74 at the time of writing. Pair opened at 148.65 and is trading with a change of 0.06 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 144.88, 50 SMA 141.11, 100 SMA @ 137.99 and 200 SMA @ 129.49.

The previous day high was 148.86 while the previous day low was 147.09. The daily 38.2% Fib levels comes at 148.19, expected to provide support. Similarly, the daily 61.8% fib level is at 147.77, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 147.54, 146.43, 145.78
• Pivot resistance is noted at 149.31, 149.97, 151.08

[/s2If]
Join Our Telegram Group