The USDJPY currency pair, currently valued at 142.423, has found support around the 142.00 level due to a significant rebound in the USD Index.

…
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 gauged a cushion near 142.00 amid a steep recovery in the USD Index.

The pair currently trades last at 142.423.

The previous day high was 144.2 while the previous day low was 142.07. The daily 38.2% Fib levels comes at 142.89, expected to provide resistance. Similarly, the daily 61.8% fib level is at 143.39, expected to provide resistance.

The USD/JPY pair has sensed an intermediate cushion around 142.00 in the late London session. The asset has picked some strength as the US Dollar Index (DXY) has extended its recovery sharply to near 102.50. The strength in the USD Index is propelled by expectations of more interest rate hikes from the Federal Reserve (Fed).

S&P500 futures have turned marginally positive after sharply recovering losses, portraying a significant recovery in the risk-on market mood. The US Dollar Index is expected to extend its upside journey as steady June Nonfarm Payrolls and upbeat labor cost figures are sufficient to confirm the resumption of the policy-tightening spell by the Fed. The yields offered on 10-year US Treasury bonds have jumped to 4.08%.

June’s NFP report released on Friday reported fresh additions of 209K while investors were expecting an increase of 225K. In May, fresh payroll additions were 306K. The Unemployment Rate has dropped to 3.6%. Meanwhile, payroll expenditures maintained at 0.4% and remained higher than the consensus of 0.3%. Also, Annualized Average Hourly Earnings remained at a steady pace of 4.4%.

Households with higher disposable will result in an elevation in price pressures and would force Fed policymakers to raise interest rates further. Investors will get clarity about price pressures after the release of the inflation data, which will release on Wednesday at 12:30 GMT.

Meanwhile, the Japanese Yen sharply appreciated against the US Dollar amid rumors of intervention by the Bank of Japan (BoJ) and Japanese officials in the currency domain to provide a cushion to its domestic currency.

Technical Levels: Supports and Resistances

USDJPY currently trading at 142.46 at the time of writing. Pair opened at 142.15 and is trading with a change of 0.22 % .

The pair is trading below its 20 Daily moving average @ 142.77, above its 50 Daily moving average @ 139.76 , above its 100 Daily moving average @ 136.8 and above its 200 Daily moving average @ 137.22

The previous day high was 144.2 while the previous day low was 142.07. The daily 38.2% Fib levels comes at 142.89, expected to provide resistance. Similarly, the daily 61.8% fib level is at 143.39, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 141.41, 140.68, 139.28
• Pivot resistance is noted at 143.54, 144.93, 145.67

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...