#USDJPY @ 149.796 drops from daily high of 150.41 to 149.70s, down 0.40%, amid strengthening Yen.

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• USD/JPY drops from daily high of 150.41 to 149.70s, down 0.40%, amid strengthening Yen.

The pair currently trades last at 149.796.

The previous day high was 150.78 while the previous day low was 149.85. The daily 38.2% Fib levels comes at 150.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.2, expected to provide resistance.

USD/JPY retreats from daily highs of 150.41 reached during the Asian session, extending its losses below the 150.00 figure after the Japanese Yen (JPY) strengthened, following an uptick in Japan’s inflation. Meanwhile, economic data in the United States (US) shows inflation appears to be stickier than expected, though sponsored a leg down in the major, toward the 149.60s area, down 0.45%.

The US Federal Reserve (Fed) preferred gauge for inflation was reported early on Friday, as the core Personal Consumption Expenditures (PCE) in September rose by 3.7% YoY, as expected but below August’s 3.8%, while general inflation stood at 3.4%, YoY aligned with estimates and the prior’s month numbers.

Additional data in the report released by the US Bureau of Economic Analysis (BEA) showed an increase in Personal Spending, at 0.7% MoM, above forecasts of 0.5%, showing that consumer spending is gathering pace, following yesterday’s Gross Domestic Product (GDP) report for Q3, at 4.9%, crushing estimates of 4.3%.

Despite all that, expectations for further Fed rate increases remain subdued, as shown by the CME FedWatch Tool, which foresees no hikes for December 2023 and witnessed January’s 2024 odds diminish to 28.91%, from 1-month ago of 37.7%. Consequently, the US 2-year Treasury bond yield retreated two basis points, although it sits at 5.02%, weighed on the Greenback, which is down 0.25%, with the US Dollar Index (DXY) hoovering at 106.34.

Aside from this, core inflation in Tokyo, usually seen as a leading indicator of nationwide inflation, accelerated unexpectedly, raising speculations the Bank of Japan (BoJ) could revise up its inflation forecasts at the upcoming week’s monetary policy meeting.

The USD/JPY daily chart shows the pair dipped toward the Tenkan-Sen at 149.75, which, if broken, the air can slide to the Kijun-Sen at 149.02. further support lies below that level, at October’s 17 swing low of 148.73. Conversely, if buyers reclaim 150.00, the next resistance would be the October 26 high at 150.77.

Technical Levels: Supports and Resistances

USDJPY currently trading at 149.67 at the time of writing. Pair opened at 150.41 and is trading with a change of -0.49 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.51, 50 SMA 148.11, 100 SMA @ 145.15 and 200 SMA @ 139.78.

The previous day high was 150.78 while the previous day low was 149.85. The daily 38.2% Fib levels comes at 150.42, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.2, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 149.91, 149.41, 148.98
• Pivot resistance is noted at 150.84, 151.28, 151.77

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