#USDJPY @ 151.190 strengthened as the BoJ scrapped the 1% ceiling for the 10-year government bond yield.

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• USD/JPY strengthened as the BoJ scrapped the 1% ceiling for the 10-year government bond yield.

The pair currently trades last at 151.190.

The previous day high was 151.72 while the previous day low was 149.03. The daily 38.2% Fib levels comes at 150.69, expected to provide support. Similarly, the daily 61.8% fib level is at 150.06, expected to provide support.

USD/JPY trades around 151.20 during the Asian session on Wednesday, pulling back from the yearly high marked after the Bank of Japan (BoJ) removed the 1% ceiling for the 10-year government bond yield on Tuesday.

Following the adjustment to the yield curve control (YCC), BoJ Governor Kazuo Ueda adopted a notably dovish stance. He expressed apprehensions about inflation not definitively reaching the BoJ’s long-term targets.

Japan’s Chief Cabinet Secretary, Hirokazu Matsuno, engaged in some verbal intervention to bolster the yen. He stressed the importance of currencies moving in a stable manner that reflects fundamentals, expressing disapproval of rapid foreign exchange (FX) fluctuations. While refraining from commenting on specific Forex levels, Matsuno did not rule out the possibility of taking measures to address disorderly FX movements.

Moreover, the unexpected decline in China’s Caixin Manufacturing Purchasing Managers’ Index (PMI) to 49.5 in October, down from September’s expansion at 50.6, as disclosed in the latest Wednesday data, has added pressure on the Japanese Yen (JPY).

The US Dollar Index (DXY) is on a two-day upward trajectory, buoyed by elevated US Treasury yields. The index trades higher near 106.70 at the time of writing. Additionally, the market anticipates the imminent policy decision from the US Federal Reserve (Fed), pointing toward the central bank maintaining its current monetary policy stance in the Wednesday meeting.

Investors will closely watch the Federal Open Market Committee’s (FOMC) post-meeting communication, eager for insights that could help gauge the potential path of interest rates. The data-driven considerations for December add an extra layer of anticipation to the market dynamics.

Traders will also watch the pivotal indicators like the US ADP Employment Change and ISM Manufacturing PMI for October in the North American session.

Technical Levels: Supports and Resistances

USDJPY currently trading at 151.22 at the time of writing. Pair opened at 151.67 and is trading with a change of -0.3 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.62, 50 SMA 148.36, 100 SMA @ 145.47 and 200 SMA @ 140.08.

The previous day high was 151.72 while the previous day low was 149.03. The daily 38.2% Fib levels comes at 150.69, expected to provide support. Similarly, the daily 61.8% fib level is at 150.06, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.89, 148.11, 147.19
• Pivot resistance is noted at 152.59, 153.5, 155.28

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