The USDJPY currency pair is showing increased strength near the 143.30 level, experiencing a 0.56% increase for the day.

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• USD/JPY gains momentum near 143.30, up 0.56% for the day.

The pair currently trades last at 143.345.

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 extends its upside and reclaims the 143.00 barrier heading into the early European session on Tuesday. The major currently trades around 143.30, gaining 0.54% on the day. The hawkish comment from Federal Reserve (Fed) policymakers boosts the Greenback against the Japanese Yen.

That said, Atlanta Fed Governor Michelle Bowman indicated that additional rate increases will likely be necessary to return inflation to the target level. Meanwhile, BoJ policymakers added that it’s necessary to maintain ultra-low interest rates. This, in turn, acts as a tailwind for USD/JPY.

According to the four-hour chart, the USD/JPY pair stands above the 50- and 100-hour Exponential Moving Averages (EMAs) with an upward slope, which means the path of least resistance is to the upside for the major pair.

USD/JPY’s immediate resistance emerges at 143.45 (the upper boundary of the Bollinger Band). Any meaningful follow-through buying could pave the way to the next hurdle at 143.90 (High of August 3). Further north, 144.65 will be the additional upside filter.

On the flip side, the key support for USD/JPY is located at 143.00, representing a psychological round mark. The next stop for the pair is seen at 142.45 (the midline of the Bollinger Band) en route to 142.10 (the 50-hour EMA), followed by 141.70 (the 100-hour EMA) and 141.60 (the lower limit of the Bollinger Band).

It’s worth noting that the Relative Strength Index (RSI) stands above 50, which indicates that the upside momentum has been activated for the time being.

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.27 at the time of writing. Pair opened at 142.5 and is trading with a change of 0.54 % .

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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