#USDJPY @ 150.384 surges on the back of improved US Treasury yields.

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• USD/JPY surges on the back of improved US Treasury yields.

The pair currently trades last at 150.384.

The previous day high was 150.32 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.12, expected to provide support. Similarly, the daily 61.8% fib level is at 150.0, expected to provide support.

USD/JPY is on an upward ascent, reaching its yearly highs. As the Asian session unfolds on Thursday, the pair is trading at a higher level, hovering around 150.50.

The USD/JPY pair gains strength propelled by improved US Treasury yields, complemented by a risk-averse sentiment stemming from geopolitical uncertainties. Israel’s Prime Minister Benjamin Netanyahu’s declaration of preparedness for a ground assault in Gaza, with the timing subject to consensus, adds to the prevailing risk-off sentiment influencing the pair.

Japanese PM Fumio Kishida emphasizes that the Bank of Japan’s monetary policy is geared towards achieving sustainable inflation, aligning with concurrent efforts to increase wages. He asserts that this approach is not at odds with the government’s strategies to counteract inflation.

The Bank of Japan (BoJ) has refrained from making substantial increases in interest rates over the past two years, aiming to stimulate long-term inflation in Japan. However, there’s a looming concern that Japan’s inflation might fall short of the BoJ’s 2% target, posing a threat to the central bank’s objectives.

Japan’s Deputy Chief Cabinet Secretary Murai Hideki steps into the spotlight, signaling through Reuters that stable currency movements reflecting fundamentals are crucial. He expresses disapproval of excessive foreign exchange (FX) volatility and remains tight-lipped on currency intervention. Hideki asserts a commitment to taking fully appropriate measures concerning FX matters.

Investors await the releases of the Tokyo Consumer Price Index (CPI) and Core CPI for October. The anticipation stems from the potential impact on the market should the Bank of Japan (BoJ) decide to make policy adjustments in the near future.

The US Dollar Index (DXY) extends its winning streak, propelled by the positive momentum in US Treasury yields. US bond yields persist in reaching 16-year highs, with the 10-year Treasury note currently standing at 4.95% as of the latest update.

Thursday is set to release the US Q3 Gross Domestic Product (GDP) figures. On Friday, the release of Core Personal Consumption Expenditures (PCE) will provide insights into the changes in the prices of goods and services in the United States.

Technical Levels: Supports and Resistances

USDJPY currently trading at 150.44 at the time of writing. Pair opened at 150.22 and is trading with a change of 0.15 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.45, 50 SMA 148.02, 100 SMA @ 145.04 and 200 SMA @ 139.67.

The previous day high was 150.32 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.12, expected to provide support. Similarly, the daily 61.8% fib level is at 150.0, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.9, 149.59, 149.38
• Pivot resistance is noted at 150.42, 150.63, 150.95

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