The USDJPY currency pair, currently at a value of 143.088, is gaining momentum in preparation for an upward movement, as market sentiment remains cautious leading up to the release of US Consumer Price Index (CPI) data.

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• USD/JPY gathers strength for a fresh upside amid cautious market mood ahead of US CPI data.

The pair currently trades last at 143.088.

The previous day high was 142.59 while the previous day low was 141.51. The daily 38.2% Fib levels comes at 142.18, expected to provide support. Similarly, the daily 61.8% fib level is at 141.92, expected to provide support.

The USD/JPY pair gathers strength around 143.00 for a fresh north-side move in the early New York session. The asset is expected to continue to rally after a short-term break as the US Dollar strengthens ahead of the United States Consumer Price Index (CPI) data, which will be published on Thursday at 12:30 GMT.

S&P500 is expected to open on a bearish note, following negative cues from overnight futures. The US Dollar Index (DXY) prints a fresh three-day high at 102.70 and is expected to continue its momentum amid an upbeat market mood. Market sentiment dampens as investors seem cautious ahead of the US inflation data.

Investors hope for a recovery in the US headline inflation as global oil prices recovered strongly in July. This would force Federal Reserve (Fed) policymakers to consider the continuation of its aggressive rate-tightening spell. One more interest rate hike from the Fed would push interest rates to 5.50-5.75%.

Meanwhile, Philadelphia Fed Bank President Patrick Harker delivers a neutral commentary on the interest rate outlook. The Fed is at the point where it can be patient and hold rates steady and let the monetary policy actions yet made do their work”.

On the Japanese Yen front, the Bank of Japan’s (BoJ) Summary of Opinions for July’s monetary policy conveyed one member said the achievement of 2% inflation in a sustainable and stable manner seems to have clearly come in sight. The BoJ provided more flexibility to the Yield Curve Control (YCC), which will result in a contraction in bond-buying operations.

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.15 at the time of writing. Pair opened at 142.5 and is trading with a change of 0.46 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.69, 50 SMA 141.32, 100 SMA @ 138.0 and 200 SMA @ 136.55.

The previous day high was 142.59 while the previous day low was 141.51. The daily 38.2% Fib levels comes at 142.18, expected to provide support. Similarly, the daily 61.8% fib level is at 141.92, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 141.81, 141.13, 140.74
• Pivot resistance is noted at 142.89, 143.27, 143.96

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