#USDJPY @ 134.882 has jumped sharply above 135.00 as BoJ continues to favor the ultra-dovish policy. (Pivot Orderbook analysis)
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- USD/JPY has jumped sharply above 135.00 as BoJ continues to favor the ultra-dovish policy.
- US President Joe Biden and Republicans are set for US debt ceiling talks on Tuesday.
- A delay in US debt ceiling talks would cost millions of jobs in the US economy.
The pair currently trades last at 134.882.
The previous day high was 135.12 while the previous day low was 133.88. The daily 38.2% Fib levels comes at 134.65, expected to provide support. Similarly, the daily 61.8% fib level is at 134.36, expected to provide support.
The USD/JPY pair has jumped above the crucial resistance of 135.00 in the Asian session. The asset has received the attention of buyers amid the release of the dovish Bank of Japan’s (BoJ) April monetary policy meeting minutes.
BoJ members supported the continuation of policy easing in order to achieve steady inflation. While discussing over an exit from the ultra-dovish policy, BoJ members conveyed that the central bank should consider the weight of risk associated with the policy shift stance before consideration. However, one member stated that the BoJ should prioritize the risk of missing the price goal due to a premature policy shift over the risk of shifting policy too late.
Meanwhile, S&P500 futures are showing choppy moves in the Asian session. US equities were the talk of the town on Friday as investors ignores fears of the US banking crisis and debt ceiling issues and only focused on optimism inspired by expectations of a policy-tightening pause by the Federal Reserve (Fed). The overall market mood seems positive amid decent traction for risk-sensitive assets.
The US Dollar Index (DXY) has retreated after a short-lived recovery to near 101.33 as investors are worried about the outcome of a scheduled meeting between US President Joe Biden with Speaker Kevin McCarthy and other congressional leaders on Tuesday. Delegates are expected to negotiate on raising the US debt ceiling as a delay would cost the loss of millions of jobs and economic output. Also, a failure in making obligated payments by US Treasury would affect the long-term outlook of the US economy.
Reuters reported that Scope Ratings placed the USA’s AA long-term issuer and senior unsecured debt ratings in local and foreign currency under review for a possible downgrade due to longer-run risks associated with the misuse of the debt ceiling instrument.
Technical Levels: Supports and Resistances
USDJPY currently trading at 135.04 at the time of writing. Pair opened at 134.83 and is trading with a change of 0.16 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 135.04 |
| 1 | Today Daily Change | 0.21 |
| 2 | Today Daily Change % | 0.16 |
| 3 | Today daily open | 134.83 |
The pair is trading above its 20 Daily moving average @ 134.41, above its 50 Daily moving average @ 133.88 , above its 100 Daily moving average @ 132.84 and below its 200 Daily moving average @ 136.99
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 134.41 |
| 1 | Daily SMA50 | 133.88 |
| 2 | Daily SMA100 | 132.84 |
| 3 | Daily SMA200 | 136.99 |
The previous day high was 135.12 while the previous day low was 133.88. The daily 38.2% Fib levels comes at 134.65, expected to provide support. Similarly, the daily 61.8% fib level is at 134.36, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 134.1, 133.37, 132.86
- Pivot resistance is noted at 135.34, 135.85, 136.58
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 135.12 |
| Previous Daily Low | 133.88 |
| Previous Weekly High | 137.78 |
| Previous Weekly Low | 133.50 |
| Previous Monthly High | 136.56 |
| Previous Monthly Low | 130.63 |
| Daily Fibonacci 38.2% | 134.65 |
| Daily Fibonacci 61.8% | 134.36 |
| Daily Pivot Point S1 | 134.10 |
| Daily Pivot Point S2 | 133.37 |
| Daily Pivot Point S3 | 132.86 |
| Daily Pivot Point R1 | 135.34 |
| Daily Pivot Point R2 | 135.85 |
| Daily Pivot Point R3 | 136.58 |
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