#USDJPY @ 137.748 Risk aversion amidst further Federal Reserve tightening spurred the rally on the . (Pivot Orderbook analysis)

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• Risk aversion amidst further Federal Reserve tightening spurred the rally on the USD/JPY.
• USD/JPY Price Analysis: Range-bound, about to clear crucial DMAs.

The pair currently trades last at 137.748.

The previous day high was 135.99 while the previous day low was 134.52. The daily 38.2% Fib levels comes at 135.08, expected to provide support. Similarly, the daily 61.8% fib level is at 135.43, expected to provide support.

The USD/JPY bounces off the 200-day Exponential Moving Average (EMA) and rises above the 137.00 mark on Thursday, courtesy of a risk-off impulse spurred by the US Federal Reserve (Fed) rate hike. Investors bracing for further tightening, keep the US Dollar (USD) bid against the Japanese Yen (JPY). At the time of writing, the USD/JPY exchanges hands at 137.74 as the Asian session begins, 50 pips shy of the 20-day Exponential Moving Average (EMA) at 137.99.

The USD/JPY daily chart illustrates the pair range-bound, within the 133.60-138.00 range, during the last eleven days. At the bottom of the range lies the 200-day EMA at 135.15, and on the top is the 20-day EMA. Oscillators like the Relative Strength Index (RSI) in the bearish territory is almost flat, while the Rate of Change (RoC) portrays that buying pressure is almost non-existent, opening the door for a mean reversion.

For that scenario to play out, the USD/JPY must fail to clear the 138.00 mark. After that, the USD/JPY next support would be the 137.00 mark, which, once cleared, could expose the December 14 daily high of 135.99, ahead of the 200-day EMA at 135.16.

As an alternate scenario, the USD/JPY first resistance would be the 138.00 mark. A breach of the latter will expose essential supply zones, like the 100-day EMA at 139.70, ahead of the psychological 140.00 figure.

Technical Levels: Supports and Resistances

USDJPY currently trading at 137.76 at the time of writing. Pair opened at 135.26 and is trading with a change of 1.85 % .

The pair is trading below its 20 Daily moving average @ 137.93, below its 50 Daily moving average @ 142.86 , below its 100 Daily moving average @ 141.08 and above its 200 Daily moving average @ 135.36

The previous day high was 135.99 while the previous day low was 134.52. The daily 38.2% Fib levels comes at 135.08, expected to provide support. Similarly, the daily 61.8% fib level is at 135.43, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 134.53, 133.79, 133.06
• Pivot resistance is noted at 136.0, 136.73, 137.47

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