#USDJPY @ 146.573 Yen gains strength as central banks slowdown rate hikes. (Pivot Orderbook analysis)

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• Yen gains strength as central banks slowdown rate hikes.
• US Dollar continues on correction mode, DXY drops by 0.68%.
• USD/JPY falls for the third day out of the last four days.

The pair currently trades last at 146.573.

The previous day high was 149.1 while the previous day low was 147.52. The daily 38.2% Fib levels comes at 148.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 148.5, expected to provide resistance.

The USD/JPY extended losses during the American session and hit fresh lows under 146.50 as the dollar continues to correct lower across the board and amid a less weak yen.

Following the decision of the Bank of Canada to raise the key interest rate by 50 basis points, below the market consensus of 75 bps, the USD/JPY bottomed at 146.43, the lowest level in two days. The increase in interest below consensus adds to the expectations that the Federal Reserve might signal a slower pace of hikes after November.

US yields hit news weekly lows recently with the 10-year at 3.99% but then rebounded back above 4.00%, helping USD/JPY move off lows.

The yen is among the top performers on Wednesday even as Wall Street is holding onto most recent gains. The Dow Jones is up by more than 200 points or 0.66%, at fresh monthly highs.

Economic data from the US showed a 10.9% decline in New Home Sales in September to an annual rate of 603K, above the market consensus of 585K. On Thursday the US will release the first reading of Q3 GDP growth. The Bank of Japan will announce its decision on monetary policy on Friday.

Technical Levels: Supports and Resistances

USDJPY currently trading at 146.58 at the time of writing. Pair opened at 147.94 and is trading with a change of -0.92 % .

The pair is trading below its 20 Daily moving average @ 146.71, above its 50 Daily moving average @ 143.23 , above its 100 Daily moving average @ 139.3 and above its 200 Daily moving average @ 130.69

The previous day high was 149.1 while the previous day low was 147.52. The daily 38.2% Fib levels comes at 148.12, expected to provide resistance. Similarly, the daily 61.8% fib level is at 148.5, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 147.27, 146.6, 145.68
• Pivot resistance is noted at 148.86, 149.77, 150.44

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