The USDJPY currency pair at a rate of 141.123 has received assistance around the value of 141.00 as a result of the BoJ’s actions.

…
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 has found support near 141.00 as the BoJ policy has come into the picture.

The pair currently trades last at 141.123.

The previous day high was 140.28 while the previous day low was 139.28. The daily 38.2% Fib levels comes at 139.67, expected to provide support. Similarly, the daily 61.8% fib level is at 139.9, expected to provide support.

The USD/JPY pair has resumed its north-side journey after a pullback move to near 141.00 in the London session. The major is aiming to reclaim its fresh six-month high of 141.60 as no tweak is expected in the monetary policy to be announced by the Bank of Japan (BoJ) on Friday.

S&P500 futures have added significant losses in London as investors believe that United States’ recession fears have a little postponed but not faded. The interest rate decision announced by the Federal Reserve (Fed) on Wednesday was neutral but followed with a hawkish dot plot in which Fed chair Jerome Powell confirmed that a neutral stance is merely a skip and the policy-tightening regime is not done yet.

It would be early calling a victory against stubborn US inflation as the core Consumer Price Index (CPI) is showing persistence due to resilient demand for durables and services. Apart from that labor market conditions are still tight as firms are rigorously continuing their hiring process.

The US Dollar Index (DXY) has found intermediates support after dropping to near 103.00. Some volatility is still left in the US Dollar ahead of the monthly Retail Sales data (May). Monthly retail demand is expected to contract by 0.1% against an expansion of 0.4%. This could be the impact of a lower Producer Price Index (PPI) due to weak gasoline prices. Meanwhile, the 10-year US Treasury yields are still solid around 3.83%.

On the Japanese Yen front, the need of keeping inflation steadily above 2% with the stipulation that inflationary pressures should be supported by in-house catalysts rather than higher import prices will force BoJ Governor Kazuo Ueda to keep monetary policy unchanged.

Technical Levels: Supports and Resistances

USDJPY currently trading at 141.15 at the time of writing. Pair opened at 140.06 and is trading with a change of 0.78 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 139.49, 50 SMA 136.54, 100 SMA @ 134.79 and 200 SMA @ 137.26.

The previous day high was 140.28 while the previous day low was 139.28. The daily 38.2% Fib levels comes at 139.67, expected to provide support. Similarly, the daily 61.8% fib level is at 139.9, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 139.46, 138.87, 138.46
• Pivot resistance is noted at 140.47, 140.88, 141.47

[/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