#USDJPY @ 145.992 trades in positive territory for the second consecutive day on Tuesday. (Pivot Orderbook analysis)
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- USD/JPY trades in positive territory for the second consecutive day on Tuesday.
- The Japanese Producer Price Index (PPI) came in at 0.3% MoM in December vs. 0.2% prior, beating the estimation of 0%.
- Investors anticipate the interest rate cuts as soon as a Fed meeting in March.
The pair currently trades last at 145.992.
The previous day high was 145.94 while the previous day low was 144.87. The daily 38.2% Fib levels comes at 145.53, expected to provide support. Similarly, the daily 61.8% fib level is at 145.28, expected to provide support.
The USD/JPY pair holds positive ground below the 146.00 barrier during the early Asian session on Tuesday. The uptick of the pair is bolstered by the stronger US Dollar (USD) broadly. Investors await the US NY Empire State Manufacturing Index on Tuesday for fresh impetus, which is expected to show a decrease of 5 in January from a 14.5 fall in the previous reading. At press time, USD/JPY is trading at 145.90, gaining 0.08% on the day.
Data released from the Statistics Bureau of Japan showed on Tuesday that the nation’s Producer Price Index (PPI) grew 0.3% MoM in December from 0.2% in November, beating the estimation of 0%. On an annual basis, the PPI figure remained flat in December from the previous reading of a 0.3% rise, above the market consensus of a 0.3% fall.
The Bank of Japan (BoJ) Governor Kazuo Ueda has stressed the need to maintain the ultraloose monetary policy as he awaits further data that might show if inflation will persist. He further stated that the central bank will scrap the negative rate when it becomes sufficiently certain of achieving sustainable inflation of 2%.
Furthermore, there are reports that Iran’s Revolutionary Guard has been deployed to assist Houthi terrorists in Yemen. That being said, the escalation in the Middle East might boost safe-haven flow and benefit the Japanese Yen (JPY).
On the other hand, market players are expecting interest rate cuts as soon as a Fed meeting in March. According to the CME FedWatch tool, markets put the probability of a rate cut in March at nearly 71%. Atlanta Federal Reserve (Fed) President Raphael Bostic said that inflation could “see-saw” if policymakers cut interest rates too soon. Bostic added that inflation must firmly and surely get back to our 2% target.
Later on Tuesday, the US NY Empire State Manufacturing Index will be due. Additionally, the Fed’s Christopher J. Waller might offer some hints about further monetary policy stances later in the day. On Wednesday, attention will shift to US Retail Sales, which is projected to show an increase of 0.4% in December. These figures might give a clear direction to the USD/JPY pair.
Technical Levels: Supports and Resistances
USDJPY currently trading at 145.9 at the time of writing. Pair opened at 145.8 and is trading with a change of 0.07 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 145.90 |
| 1 | Today Daily Change | 0.10 |
| 2 | Today Daily Change % | 0.07 |
| 3 | Today daily open | 145.80 |
The pair is trading above its 20 Daily moving average @ 143.38, below its 50 Daily moving average @ 146.03 , below its 100 Daily moving average @ 147.37 and above its 200 Daily moving average @ 143.69
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 143.38 |
| 1 | Daily SMA50 | 146.03 |
| 2 | Daily SMA100 | 147.37 |
| 3 | Daily SMA200 | 143.69 |
The previous day high was 145.94 while the previous day low was 144.87. The daily 38.2% Fib levels comes at 145.53, expected to provide support. Similarly, the daily 61.8% fib level is at 145.28, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 145.13, 144.47, 144.06
- Pivot resistance is noted at 146.2, 146.61, 147.27
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 145.94 |
| Previous Daily Low | 144.87 |
| Previous Weekly High | 146.41 |
| Previous Weekly Low | 143.42 |
| Previous Monthly High | 148.35 |
| Previous Monthly Low | 140.25 |
| Daily Fibonacci 38.2% | 145.53 |
| Daily Fibonacci 61.8% | 145.28 |
| Daily Pivot Point S1 | 145.13 |
| Daily Pivot Point S2 | 144.47 |
| Daily Pivot Point S3 | 144.06 |
| Daily Pivot Point R1 | 146.20 |
| Daily Pivot Point R2 | 146.61 |
| Daily Pivot Point R3 | 147.27 |
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