The currency pair USDJPY is currently trading at 144.01 which is close to its highest price for the year. It appears to be slowing down and stabilizing at this level.
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- USD/JPY trades around 144.01, consolidating after reaching a year-to-date high.
The pair currently trades last at 143.967.
The previous day high was 143.72 while the previous day low was 142.94. The daily 38.2% Fib levels comes at 143.24, expected to provide support. Similarly, the daily 61.8% fib level is at 143.42, expected to provide support.
USD/JPY is almost unchanged as the Asian session begins, following a positive Tuesday’s session that witnessed the major reaching a new year-to-date (YTD) high propelled by US economic data and higher US Treasury bond yields. At the time of writing, the USD/JPY exchanges hands at 144.01.
Wall Street closed Tuesday’s session with solid gains, bolstered by upbeat data in the United States (US). The Commerce Department revealed that Durable Good Orders exceeded estimates and April’s data, with numbers increasing by 1.7% YoY, with forecasts of a -1% contraction, and 1.2% in the prior month. Later, the Conference Board (CB) revealed that Consumer Confidence improved to 109.7, crushing estimates of 103.9, above May’s 105 data. The report highlighted an improvement in the labor market, business, and inflation.
At around the same time, US housing data was revealed, with New Home Sales surprisingly jumping at a faster pace over a year, increasing 12.2% MoM in May, above April’s 3.5% data. New home Sales hit the 763K threshold, above April’s 680K.
After the data release, the USD/JPY extended its gains past the 144.00 mark, underpinned by the US 10-year Treasury Note, sitting at 3.772%, advanced four basis points.
Even though Japanese authorities have remained vocal about intervening in the FX market, the market has retraced itself. But recently, dovish comments by the Bank of Japan’s (BoJ) officials aimed to keep their ultra-loose monetary policy stance, alongside an empty Japanese economic docket, suggests further USD/JPY upside is expected.
On Wednesday, the Fed Chair Jerome Powell will speak at the European Central Bank (ECB) Sintra, accompanied by his colleague Kazuo Ueda of the Bank of Japan (BoJ), who will speak at a panel, also joined by the Bank of England (BoE) Governor Andrew Bailey, as well as the European Central Bank (ECB) President Christine Lagarde. Powell and Ueda are expected to keep their current monetary policy stances. However, sudden shifts in their tone could increase the USD/JPY’s volatility around the time of the panel.
Technical Levels: Supports and Resistances
USDJPY currently trading at 144.02 at the time of writing. Pair opened at 143.51 and is trading with a change of 0.36 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 144.02 |
| 1 | Today Daily Change | 0.51 |
| 2 | Today Daily Change % | 0.36 |
| 3 | Today daily open | 143.51 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.66, 50 SMA 137.99, 100 SMA @ 135.75 and 200 SMA @ 137.22.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 140.66 |
| 1 | Daily SMA50 | 137.99 |
| 2 | Daily SMA100 | 135.75 |
| 3 | Daily SMA200 | 137.22 |
The previous day high was 143.72 while the previous day low was 142.94. The daily 38.2% Fib levels comes at 143.24, expected to provide support. Similarly, the daily 61.8% fib level is at 143.42, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 143.06, 142.6, 142.27
- Pivot resistance is noted at 143.85, 144.18, 144.63
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 143.72 |
| Previous Daily Low | 142.94 |
| Previous Weekly High | 143.87 |
| Previous Weekly Low | 141.21 |
| Previous Monthly High | 140.93 |
| Previous Monthly Low | 133.50 |
| Daily Fibonacci 38.2% | 143.24 |
| Daily Fibonacci 61.8% | 143.42 |
| Daily Pivot Point S1 | 143.06 |
| Daily Pivot Point S2 | 142.60 |
| Daily Pivot Point S3 | 142.27 |
| Daily Pivot Point R1 | 143.85 |
| Daily Pivot Point R2 | 144.18 |
| Daily Pivot Point R3 | 144.63 |
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