#USDJPY @ 149.922 aims for a decisive break above 150.00 as the appeal for the US Dollar improves.

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• USD/JPY aims for a decisive break above 150.00 as the appeal for the US Dollar improves.

The pair currently trades last at 149.922.

The previous day high was 149.94 while the previous day low was 149.32. The daily 38.2% Fib levels comes at 149.7, expected to provide support. Similarly, the daily 61.8% fib level is at 149.56, expected to provide support.

The USD/JPY pair prepares for a decisive break above the psychological resistance of 150.00 in the late European session. The asset seems strong as the US Dollar Index (DXY) extended upside after S&P Global reported an uptick in business activities in the survey for October.

S&P500 futures generated losses in the London session, portraying a decline in the risk appetite of the market participants. The appeal for the US Dollar improves as strong business activity in October has improved expectations of further policy-tightening by the Federal Reserve (Fed).

On Tuesday, S&P Global reported that Manufacturing PMI kissed the 50.0 threshold for the first time since November 2022. The factory data at 50.0, outperformed expectations of 49.5 and September’s reading of 49.8. The Services PMI landed at 50.9 against expectations of 49.9 and the prior release of 50.1.

The sentiment of the US firms improves as they expect that interest rates from the Fed are peaked for now. Going forward, investors will focus on the Q3 Gross Domestic Product (GDP) and the Fed’s preferred inflation gauge, which could impact the interest rate decision from the Fed in its monetary policy meeting on November 1.

Meanwhile, the Bank of Japan (BoJ) continues to remain fearful over the inflation outlook as higher price pressures have been majorly contributed by imported factors and the central bank is looking to replace them with higher wage growth. The expectations of a stealth intervention by Japan’s finance ministry in the FX domain remain persistent as the USD/JPY pair is hovering near 150.00.

Technical Levels: Supports and Resistances

USDJPY currently trading at 149.93 at the time of writing. Pair opened at 149.92 and is trading with a change of 0.01 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.42, 50 SMA 147.94, 100 SMA @ 144.94 and 200 SMA @ 139.56.

The previous day high was 149.94 while the previous day low was 149.32. The daily 38.2% Fib levels comes at 149.7, expected to provide support. Similarly, the daily 61.8% fib level is at 149.56, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.51, 149.11, 148.9
• Pivot resistance is noted at 150.13, 150.34, 150.74

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