#USDJPY @ 149.858 The continues to pin into the 150.00 handle as investors await a potential BoJ market intervention.

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• The USD/JPY continues to pin into the 150.00 handle as investors await a potential BoJ market intervention.

The pair currently trades last at 149.858.

The previous day high was 149.99 while the previous day low was 149.56. The daily 38.2% Fib levels comes at 149.72, expected to provide support. Similarly, the daily 61.8% fib level is at 149.83, expected to provide support.

The USD/JPY continues to cycle close to the 150.00 major handle, and the pair has constrained into a tight holding pattern after failing to make a meaningful break after tipping into 150.16 at the beginning of October.

As the Bank of Japan (BoJ) continues to remain fearful of Japanese inflation descending back into deflationary levels in the future, consumers and investors continue to call for the Japanese central bank to do something to protect consumers from inflation that is currently eating away at citizens’ purchasing power in the here and now.

USD/JPY: Japanese officials to intervene at the earliest feasible moment – MUFG

The US saw a clean beat on Purchasing Managers’ Index (PMI) figures on Tuesday, keeping the US Dollar well-elevated as the US economy continues to see a firming up of growth indicators. US PMI headline figures came in above expectations, printing at 50.0 and climbing over the previous month’s 49.8 as purchasing managers across the manufacturing and services sectors see the US economy seeing firmer growth in the coming month.

JPY traders will be looking ahead to Japan’s Tokyo Consumer Price Index (CPI) inflation figures early Friday, with Core Tokyo CPI (headline inflation less volatile food prices) forecast to hold steady at 2.5% for the year into October.

The headline Tokyo CPI annualized figure for September last came in at 2.8%, and the BoJ will be looking for evidence that inflation will not decline past the central bank’s 2% minimum target.

With the USD/JPY pair trapped just south of 150.00, technical indicators are beginning to break down on the intraday level and daily candlesticks are churning out successive spinning top candle signals as the pair moves nowhere fast.

The pair remains incredibly well-bid in the long-term, with the USD/JPY testing into all-time highs and up nearly 18% from 2023’s lows of 127.22 set back in January.

Technical Levels: Supports and Resistances

USDJPY currently trading at 149.86 at the time of writing. Pair opened at 149.72 and is trading with a change of 0.09 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.38, 50 SMA 147.85, 100 SMA @ 144.84 and 200 SMA @ 139.45.

The previous day high was 149.99 while the previous day low was 149.56. The daily 38.2% Fib levels comes at 149.72, expected to provide support. Similarly, the daily 61.8% fib level is at 149.83, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.52, 149.32, 149.09
• Pivot resistance is noted at 149.95, 150.19, 150.38

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