#USDJPY @ 132.064 Japanese Yen gains momentum as US Yields and Wall Street futures drop. (Pivot Orderbook analysis)

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• Japanese Yen gains momentum as US Yields and Wall Street futures drop.
• US Industrial Production stagnates in February against expectations of a 0.2% increase.
• USD/JPY heads for the third weekly loss in a row, and to the lowest daily close in a month.

The pair currently trades last at 132.064.

The previous day high was 133.82 while the previous day low was 131.72. The daily 38.2% Fib levels comes at 133.02, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.52, expected to provide resistance.

The USD/JPY dropped further, falling to as low as 131.99, as Treasury Bonds rally. A firm break below 132.00 could trigger an acceleration to the downside.

US yields are falling on Friday. The US 10-year yield dropped to 3.45% while the 2-year yield stands at 4.06%, down 2.40%, for the day. The decline in yields takes place as US stocks opened lower as markets remain anxious.

Data released in the US showed Industrial Production rose 0% in February against expectations of a 0.2% increase. January’s numbers were revised higher from 0% to 0.3%. Capacity Utilization remains at 78%. Later on Friday, the University of Michigan will release its Consumer Sentiment report.

Lower yields and a decline in stocks in boosting the Japanese Yen across the board. USD/JPY lost more than a hundred pips during the last three hours. The pair fell from above 133.00 to 131.99.

As of writing, USD/JPY trades at 132.30, under pressure and looking at the 132.00 mark. A consolidation below would point to further weakness. The next strong barrier is seen at 130.60.

Technical Levels: Supports and Resistances

USDJPY currently trading at 132.43 at the time of writing. Pair opened at 133.73 and is trading with a change of -0.97 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 135.32, 50 SMA 132.54, 100 SMA @ 135.43 and 200 SMA @ 137.49.

The previous day high was 133.82 while the previous day low was 131.72. The daily 38.2% Fib levels comes at 133.02, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.52, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 132.36, 130.98, 130.25
• Pivot resistance is noted at 134.46, 135.2, 136.57

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