The USDJPY currency pair, trading at a level of 147.731, begins the week by trying to prevent further increases in value before important policy decisions from central banks are announced later in the week.
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- USD/JPY starts the week with an attempt to halt the gains ahead of central banks policy decisions this week.
The pair currently trades last at 147.731.
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 support. Similarly, the daily 61.8% fib level is at 147.57, expected to provide support.
USD/JPY kicks off the week with an attempt to halt the winning streak, trading lower around 147.70 during the early trading hours of the Asian session on Monday. However, US Dollar (USD) is experiencing selling pressure after the downbeat consumer sentiment data from the United States (US) released on Friday.
Preliminary Michigan Consumer Sentiment Index printed a reading of 67.7 against the previous 69.5 figure, which was expected 69.1 reading in September. Even so, US Dollar Index (DXY), which measures the performance of the Greenback against the six other major currencies, closed its ninth week with gaining of 0.26%. Spot price is trading around 105.20 at the time of writing.
In the past week, key economic data from the US for the month of August provided positive results. The Consumer Price Index (CPI), which measures inflation, came in higher than anticipated.
Economic activity indicators, including Retail Sales for the same month and Jobless Claims for the second week of September, also displayed favorable outcomes for the US economy.
In terms of expectations regarding the US Federal Reserve (Fed), the probability of one more interest rate hike through the end of the year 2023 still remains relatively elevated. This indicates that the market is still factoring in the possibility of further tightening measures by the Fed.
Although there may be some degree of uncertainty or caution in these expectations. The Fed’s monetary policy decisions on Wednesday and further communications will continue to be closely monitored by market participants for any clues regarding the future direction of interest rates.
On the other hand, the Japanese Yen (JPY) has surrendered all the gains it saw following the Bank of Japan’s (BoJ) Governor Kazuo Ueda’s comments earlier in the previous week. Ueda’s comments suggested that the Bank of Japan (BoJ) may gather sufficient data by the end of the year to contemplate a policy shift, which initially boosted the JPY. However, this momentum gradually faded.
In the upcoming BoJ meeting on Friday, no alterations to the ultra-loose policy are anticipated, but market participants will eye any adjustments in the economic forecast.
Technical Levels: Supports and Resistances
USDJPY currently trading at 147.72 at the time of writing. Pair opened at 147.85 and is trading with a change of -0.09 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 147.72 |
| 1 | Today Daily Change | -0.13 |
| 2 | Today Daily Change % | -0.09 |
| 3 | Today daily open | 147.85 |
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.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 146.66 |
| 1 | Daily SMA50 | 143.88 |
| 2 | Daily SMA100 | 141.82 |
| 3 | Daily SMA200 | 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 support. 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
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 147.95 |
| Previous Daily Low | 147.34 |
| Previous Weekly High | 147.95 |
| Previous Weekly Low | 145.90 |
| Previous Monthly High | 147.38 |
| Previous Monthly Low | 141.51 |
| Daily Fibonacci 38.2% | 147.72 |
| Daily Fibonacci 61.8% | 147.57 |
| Daily Pivot Point S1 | 147.48 |
| Daily Pivot Point S2 | 147.10 |
| Daily Pivot Point S3 | 146.86 |
| Daily Pivot Point R1 | 148.09 |
| Daily Pivot Point R2 | 148.33 |
| Daily Pivot Point R3 | 148.70 |
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