The USDJPY currency pair has surpassed the 145.00 level, reaching a nine-month high of 145.343, as market sentiment becomes more cautious.

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• USD/JPY refreshes nine-month high above 145.00 amid risk-off market mood.

The pair currently trades last at 145.343.

The previous day high was 145.0 while the previous day low was 144.42. The daily 38.2% Fib levels comes at 144.78, expected to provide support. Similarly, the daily 61.8% fib level is at 144.64, expected to provide support.

The USD/JPY pair printed a fresh nine-month high at 145.57 on Monday, capitalizing on bearish market sentiment. The asset continues its five-day winning streak amid sheer strength in the US Dollar as investors remain worried about China’s economic outlook.

S&P500 prints some losses in early New York, portraying caution due to modest recovery in the United States Consumer Price Index (CPI) for July. The US Dollar Index rallies to near 103.46 amid improvement in its appeal as a safe haven.

Investors are worried about Chinese economic prospects as the economy is facing deflation due to weak demand and declining exports. Also, Chinese firms struggle to raise the price of goods and services at factory gates. This has improved the appeal of the US Dollar.

After a slower-than-expected inflation increase and a decent rebound in Producer Price Index (PPI) in the US economy for July, investors shift their focus to the Retail Sales data. As per the consensus, Retail Sales are seen expanding 0.4% in July, accelerating from the 0.2% increase recorded for June. A similar performance is expected for retail sales excluding autos.

Meanwhile, the Japanese Yen remains under pressure as Japan’s Ministry of Finance (MoF) doesn’t deliver any sign of stealth intervention. Preliminary Gross Domestic Product (GDP) for Q2 grew at 0.8% vs. Q1 growth of 0.7%. On an annualized basis, GDP expanded at 3.1% vs. the former release of 2.7%. An absence of monetary policy support from the Bank of Japan (BoJ) keeps the Japanese Yen on the tenterhooks.

Technical Levels: Supports and Resistances

USDJPY currently trading at 145.31 at the time of writing. Pair opened at 144.96 and is trading with a change of 0.24 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.75, 50 SMA 141.7, 100 SMA @ 138.51 and 200 SMA @ 136.48.

The previous day high was 145.0 while the previous day low was 144.42. The daily 38.2% Fib levels comes at 144.78, expected to provide support. Similarly, the daily 61.8% fib level is at 144.64, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 144.59, 144.21, 144.01
• Pivot resistance is noted at 145.17, 145.38, 145.75

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