The USDJPY pair rose slightly during the Asian session, but without strong confidence in bullish movement.
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- USD/JPY gains some positive traction during the Asian session, albeit lacks bullish conviction.
The pair currently trades last at 140.345.
The previous day high was 141.18 while the previous day low was 139.92. The daily 38.2% Fib levels comes at 140.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.7, expected to provide resistance.
The USD/JPY pair attracts some buying during the Asian session on Thursday and reverses a part of the previous day’s slide to the weekly low touched in the aftermath of the highly-anticipated FOMC decision. Spot prices currently trade just below mid-140.00s, up 0.15% for the day, and for now, seems to have stalled the recent pullback from the vicinity of the 142.00 mark.
The Federal Reserve (Fed) as was widely expected, raised interest rates by 25 bps to the 5.25%- to 5.50% range, or the highest in 22 years, citing still-elevated inflation as a rationale. In the accompanying policy statement, the Fed said that the committee will continue to assess additional information and its implications for monetary policy. Furthermore, Fed Chair Jerome Powell, during his post-meeting press conference, said the economy still needs to slow and the labour market to weaken for inflation to credibly return to the 2% target, leaving the door open for another rate hike in September. This, in turn, is seen lending some support to the US Dollar (USD) and acting as a tailwind for the USD/JPY pair.
The Japanese Yen (JPY), on the other hand, is undermined by expectations that the Bank of Japan (BoJ) will retain its easy-money policy. The BoJ Governor Kazuo Ueda, however, reiterated on Wednesday that the central bank will stick to its accommodative monetary stance and added that the long-term yield rate remains stable under the yield curve control (YCC) policy. This, along with the underlying bullish sentiment across the global equity markets, dents the JPY’s relative safe-haven status and further contributes to a mildly positive tone surrounding the USD/JPY pair.
The intraday uptick, however, lacks bullish conviction, warranting some caution before positioning for any further intraday appreciating move. Market participants now look to the release of the Advance US Q2 GDP print for a fresh impetus later during the early North American session. Thursday’s US economic docket also features the release of the usual Weekly Initial Jobless Claims, Durable Goods Orders and Pending Home Sales data. The focus, however, will remain on the BoJ monetary policy update and the US Core PCE Price Index – the Fed’s preferred inflation gauge on Friday.
Technical Levels: Supports and Resistances
USDJPY currently trading at 140.4 at the time of writing. Pair opened at 140.24 and is trading with a change of 0.11 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 140.40 |
| 1 | Today Daily Change | 0.16 |
| 2 | Today Daily Change % | 0.11 |
| 3 | Today daily open | 140.24 |
The pair is trading below its 20 Daily moving average @ 141.39, below its 50 Daily moving average @ 140.88 , above its 100 Daily moving average @ 137.32 and above its 200 Daily moving average @ 136.79
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 141.39 |
| 1 | Daily SMA50 | 140.88 |
| 2 | Daily SMA100 | 137.32 |
| 3 | Daily SMA200 | 136.79 |
The previous day high was 141.18 while the previous day low was 139.92. The daily 38.2% Fib levels comes at 140.4, expected to provide resistance. Similarly, the daily 61.8% fib level is at 140.7, expected to provide resistance.
Note the levels of interest below:
- Pivot support is noted at 139.72, 139.19, 138.45
- Pivot resistance is noted at 140.98, 141.71, 142.24
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 141.18 |
| Previous Daily Low | 139.92 |
| Previous Weekly High | 141.96 |
| Previous Weekly Low | 137.68 |
| Previous Monthly High | 145.07 |
| Previous Monthly Low | 138.43 |
| Daily Fibonacci 38.2% | 140.40 |
| Daily Fibonacci 61.8% | 140.70 |
| Daily Pivot Point S1 | 139.72 |
| Daily Pivot Point S2 | 139.19 |
| Daily Pivot Point S3 | 138.45 |
| Daily Pivot Point R1 | 140.98 |
| Daily Pivot Point R2 | 141.71 |
| Daily Pivot Point R3 | 142.24 |
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