#USDJPY @ 134.574 remains confined in a narrow trading band through the Asian session on Friday. (Pivot Orderbook analysis)
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]
- USD/JPY remains confined in a narrow trading band through the Asian session on Friday.
- Reviving safe-haven demand benefits the JPY and acts as a headwind amid a softer USD.
- Traders now look to the Michigan US Consumer Sentiment Index for a fresh impetus.
The pair currently trades last at 134.574.
The previous day high was 134.84 while the previous day low was 133.74. The daily 38.2% Fib levels comes at 134.42, expected to provide support. Similarly, the daily 61.8% fib level is at 134.16, expected to provide support.
The USD/JPY pair struggles to capitalize on the overnight bounce from the 133.75 area, or a one-week low and oscillates in a narrow trading band through the Asian session on Friday. The pair is currently placed just above mid-134.00s, nearly unchanged for the day, and is influenced by a combination of diverging forces.
The market sentiment remains fragile amid worries over a global economic slowdown, magnified by softer Chinese inflation figures and US labor market data on Thursday. This, along with concerns about the US debt ceiling, dents investors’ appetite for riskier assets, which lends some support to the safe-haven Japanese Yen (JPY) and acts as a headwind for the USD/JPY pair. The US Dollar (USD), on the other hand, is undermined by the recent decline in the US Treasury bond yields. This further contributes to capping gains for the major.
That said, the downside for the USD seems cushioned amid the uncertainty over the Federal Reserve’s (Fed) ned policy move. The US CPI report released on Wednesday pointed to further signs of inflationary pressures and should allow the US central bank to pause its year-long rate-hiking cycle. Investors, however, remain divided over the possibility of a rate cut later this year. This, along with a more dovish stance adopted by the Bank of Japan (BoJ), should hold back traders from placing aggressive bearish bets around the USD/JPY pair.
The aforementioned fundamental backdrop seems tilted slightly in favour of bullish traders and supports prospects for some intraday positive move. Hence, some follow-through strength back towards reclaiming the 135.00 psychological mark, en route to the weekly high, around the 135.45-135.50 region, looks like a distinct possibility. Market participants now look forward to the release of the Preliminary Michigan Consumer Sentiment Index from the US, which might influence the USD price dynamics and provide some impetus to the USD/JPY pair.
Technical Levels: Supports and Resistances
USDJPY currently trading at 134.55 at the time of writing. Pair opened at 134.42 and is trading with a change of 0.1 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 134.55 |
| 1 | Today Daily Change | 0.13 |
| 2 | Today Daily Change % | 0.10 |
| 3 | Today daily open | 134.42 |
The pair is trading below its 20 Daily moving average @ 134.71, above its 50 Daily moving average @ 133.76 , above its 100 Daily moving average @ 132.89 and below its 200 Daily moving average @ 137.03
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 134.71 |
| 1 | Daily SMA50 | 133.76 |
| 2 | Daily SMA100 | 132.89 |
| 3 | Daily SMA200 | 137.03 |
The previous day high was 134.84 while the previous day low was 133.74. The daily 38.2% Fib levels comes at 134.42, expected to provide support. Similarly, the daily 61.8% fib level is at 134.16, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 133.83, 133.24, 132.73
- Pivot resistance is noted at 134.93, 135.43, 136.03
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 134.84 |
| Previous Daily Low | 133.74 |
| Previous Weekly High | 137.78 |
| Previous Weekly Low | 133.50 |
| Previous Monthly High | 136.56 |
| Previous Monthly Low | 130.63 |
| Daily Fibonacci 38.2% | 134.42 |
| Daily Fibonacci 61.8% | 134.16 |
| Daily Pivot Point S1 | 133.83 |
| Daily Pivot Point S2 | 133.24 |
| Daily Pivot Point S3 | 132.73 |
| Daily Pivot Point R1 | 134.93 |
| Daily Pivot Point R2 | 135.43 |
| Daily Pivot Point R3 | 136.03 |
[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group
