#USDJPY @ 134.534 has sensed some buying interest around 134.40 as investors are shifting their focus toward US NFP data. (Pivot Orderbook analysis)
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- USD/JPY has sensed some buying interest around 134.40 as investors are shifting their focus toward US NFP data.
- The market mood seems divided as risk-perceived currencies are enjoying bids while US equities are facing pressure.
- US banking woes have renewed as PanWest Bancorp has come under pressure.
The pair currently trades last at 134.534.
The previous day high was 137.78 while the previous day low was 136.31. The daily 38.2% Fib levels comes at 136.87, expected to provide resistance. Similarly, the daily 61.8% fib level is at 137.22, expected to provide resistance.
The USD/JPY pair has gauged an intermediate cushion after a perpendicular sell-off to near 134.40 in the Asian session. The asset witnessed massive selling pressure after neutral interest rate guidance came from the Federal Reserve (Fed) post a widely anticipated 25 basis point (bp) rate hike.
S&P500 futures have recovered some losses posted in early Asia, showing signs that investors are digesting uncertainty about the further roadmap of arresting stubborn United States inflation by the Fed. The overall market mood seems divided as risk-perceived currencies are enjoying bids while US equities are facing pressure.
Meanwhile, US banking woes have renewed as another commercial bank has come under pressure. Bloomberg reported that PacWest Bancorp is considering strategic options, including a potential sale. PacWest’s shares fell by more than 50% in the post-market, indicating significant investor concern about the bank’s situation.
Investors should be aware that Japanese markets are closed today on account of Greenery Day
The US Dollar Index (DXY) has dropped to near 101.20 on neutral Fed guidance, renewed US banking jitters, and concerns over the US debt ceiling. Further delay in debt ceiling increase could result in loss of timely payments from the US Treasury.
On Wednesday, the US Automatic Data Processing (ADP) agency reported an addition of fresh 296K jobs in April vs. the estimates of 150K and the former release of 145K. Upbeat US ADP data indicates tight labor market conditions in the US economy.
Going forward, US official Employment data will be of utmost importance. The Unemployment Rate is seen unchanged at 3.5%. According to the consensus for Nonfarm Payrolls (NFP), the US economy added 179K in April lower than the former release of 236K.
Apart from the labor market numbers, Average Hourly Earnings will be keenly watched. The economic indicator is seen unchanged at 0.3% and 4.2% on a monthly and an annual basis.
Technical Levels: Supports and Resistances
USDJPY currently trading at 134.56 at the time of writing. Pair opened at 136.55 and is trading with a change of -1.46 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 134.56 |
| 1 | Today Daily Change | -1.99 |
| 2 | Today Daily Change % | -1.46 |
| 3 | Today daily open | 136.55 |
The pair is trading above its 20 Daily moving average @ 133.99, above its 50 Daily moving average @ 133.93 , above its 100 Daily moving average @ 132.89 and below its 200 Daily moving average @ 136.99
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 133.99 |
| 1 | Daily SMA50 | 133.93 |
| 2 | Daily SMA100 | 132.89 |
| 3 | Daily SMA200 | 136.99 |
The previous day high was 137.78 while the previous day low was 136.31. The daily 38.2% Fib levels comes at 136.87, expected to provide resistance. Similarly, the daily 61.8% fib level is at 137.22, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 135.99, 135.42, 134.52
- Pivot resistance is noted at 137.45, 138.34, 138.91
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 137.78 |
| Previous Daily Low | 136.31 |
| Previous Weekly High | 136.56 |
| Previous Weekly Low | 133.01 |
| Previous Monthly High | 136.56 |
| Previous Monthly Low | 130.63 |
| Daily Fibonacci 38.2% | 136.87 |
| Daily Fibonacci 61.8% | 137.22 |
| Daily Pivot Point S1 | 135.99 |
| Daily Pivot Point S2 | 135.42 |
| Daily Pivot Point S3 | 134.52 |
| Daily Pivot Point R1 | 137.45 |
| Daily Pivot Point R2 | 138.34 |
| Daily Pivot Point R3 | 138.91 |
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