The USDJPY currency pair is currently trading in a neutral position around the 145.55 level, following a drop to 145.10.

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• USD/JPY trades neutral at the 145.55 area after hitting a low of 145.10.

The pair currently trades last at 145.651.

The previous day high was 145.58 while the previous day low was 144.65. The daily 38.2% Fib levels comes at 145.23, expected to provide support. Similarly, the daily 61.8% fib level is at 145.01, expected to provide support.

On Tuesday, the USD/JPY traded flat while the USD seemed to consolidate. On the other hand, the JPY continues to trade vulnerable amid the extreme dovish stance of the Bank of Japan (BoJ) and monetary policy divergence between its peers.

US Retail Sales revealed that the US economy is holding strong. The headline Sales increased by 0.7% MoM, higher than the 0.4% expected, while the ones excluding the Automobile sector also came in strong and came in at 1% vs the 0.4% expected.

Regarding the next Federal Reserve (Fed) meeting, there’s a prevailing market expectation of a no hike in September. However, the chances of a 25 basis point adjustment in November reach a peak of around 40%. That said, the focus now pivots to Wednesday’s Federal Open Market Committee (FOMC) gathering, as investors seek hints in the forward guidance to attain a distinct perspective on the officials’ position.

Despite reporting strong Gross Domestic Product (GDP) data, the JPY continues to trade weak. On Tuesday, it was reported that during the second quarter, the economy expanded by 1.5% QoQ at a 6% annualised pace in both figures. On the bright side, speculations of a potential Bank of Japan (BoJ) intervention to stop the currency’s loss is the only hope for the Yen while the USD/JPY consolidated above the 145.00 level.

The technical analysis of the daily chart supports a bullish view of USD/JPY in the short term. The relative Strength Index (RSI) maintains its favourable position above the midline, displaying an upward inclination. Moreover, Moving Average Convergence Divergence (MACD) showcases green bars, underlining the strengthening bullish momentum. Furthermore, the pair is above the 20,100,200-day SMAs, suggesting that the bulls are firmly in control of the bigger picture.

Support levels: 145.00, 144.70, 144.00.
Resistance levels: 145.70, 146.00, 146.50.

Technical Levels: Supports and Resistances

USDJPY currently trading at 145.54 at the time of writing. Pair opened at 145.55 and is trading with a change of -0.01 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 142.09, 50 SMA 141.82, 100 SMA @ 138.65 and 200 SMA @ 136.47.

The previous day high was 145.58 while the previous day low was 144.65. The daily 38.2% Fib levels comes at 145.23, expected to provide support. Similarly, the daily 61.8% fib level is at 145.01, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 144.94, 144.33, 144.02
• Pivot resistance is noted at 145.87, 146.19, 146.8

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