The currency pair USDJPY is fluctuating within a small range of 147.68 to 147.88, with its current value at 147.684.

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• USD/JPY oscillates around the 147.68-147.88 region in a narrow trading band.

The pair currently trades last at 147.684.

The previous day high was 147.95 while the previous day low was 147.34. The daily 38.2% Fib levels comes at 147.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.57, expected to provide support.

The USD/JPY pair consolidates in a narrow range after retracing from the 147.95 area during the early European session on Monday. Markets turn cautious ahead of the key event from both the Federal Reserve (Fed) and Bank of Japan (BoJ) this week. The major currently trades near 147.68, losing 0.11% on the day.

The Empire State Manufacturing Index in August improved to 1.9 from -19 in the previous reading, above the market estimate of a 10 decrease, the Federal Reserve Bank of New York reported on Friday. Also, Industrial Production rose by 0.4% MoM from 1% in July, surpassing market expectations. The preliminary Consumer Sentiment Index for September fell from 69.1 to 67.7, per the University of Michigan. Meanwhile, the five-year Consumer Inflation Expectation came in at 2.7% from 3% prior.

The market expects Fed to hold interest rates steady at its policy meeting on Wednesday while keeping one more rate hike on the table. Fed Chairman Jerome Powell will later hold a press conference with no major changes expected from the Fed. However, a dovish stance from official might trigger a decline in the US Dollar (USD) and acts as a headwind for the USD/JPY pair.

On the JPY’s front, the BoJ policy meeting on Friday will be in the spotlight. The possibility that BoJ is notably closer than initially thought to abandoning ultra-loose policy and negative interest rates rising. However, the BoJ policymaker stated last week that an exit from an ultra-easy policy will not be considered as long as wage and inflation data do not meet expectations, leaving the JPY vulnerable against its rivals.

Market participants will closely watch the Federal Reserve (Fed) interest rate decision on Wednesday. The market anticipates the Fed to maintain interest rates unchanged at its policy meeting. The attention will shift to the Bank of Japan (BoJ) on Friday.

Technical Levels: Supports and Resistances

USDJPY currently trading at 147.69 at the time of writing. Pair opened at 147.85 and is trading with a change of -0.11 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 146.66, 50 SMA 143.88, 100 SMA @ 141.82 and 200 SMA @ 137.35.

The previous day high was 147.95 while the previous day low was 147.34. The daily 38.2% Fib levels comes at 147.72, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.57, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 147.48, 147.1, 146.86
• Pivot resistance is noted at 148.09, 148.33, 148.7

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