#USDJPY @ 150.004 drops to near 150.00 after a nominal correction in the US Dollar.

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• USD/JPY drops to near 150.00 after a nominal correction in the US Dollar.

The pair currently trades last at 150.004.

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.

The USD/JPY pair fell sharply to near the psychological support of 150.00 in the European session. The asset faces a sell-off as the US Dollar Index (DXY) edged down after facing barricades near 106.90 and the Japanese Yen strengthened on higher Tokyo consumer inflation data.

S&P500 futures added significant gains in the London session, indicating an improvement in the risk appetite of the market participants. The market sentiment improves as traders see interest rates by the Federal Reserve (Fed) remaining unchanged in the range of 5.25-5.50% in the monetary policy decision on November 1.

The USD Index falls gradually to near 106.50 ahead of the core Personal Consumption Expenditure (PCE) price index data, which will be released at 12:30 GMT. According to the consensus, monthly core PCE inflation grew by 0.3% in September against 0.1% growth recorded in August. The annual economic data rose by 3.7% against a 3.9% reading in August a year ago.

A sticky core PCE inflation report may ramp up US Treasury yields further. The 10-year US bond yields skids from 5% but the near-term trend remains upbeat as the US economy is resilient amid a strong growth report. The US Gross Domestic Product (GDP) for the July-September quarter, released on Thursday, showed that the economy grew at a robust pace of 4.9% against expectations of 4.2% on an annualized basis.

On the Tokyo front, the headline Consumer Price Index (CPI) for October rose by 3.3% against 2.8% reading from September. The core inflation softens marginally to 3.8% against the former release of 3.9%. Investors hope that the Bank of Japan (BoJ) will increase inflation expectations in its quarterly projections report in the monetary policy meeting next week.

Technical Levels: Supports and Resistances

USDJPY currently trading at 150.02 at the time of writing. Pair opened at 150.41 and is trading with a change of -0.26 % .

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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