#USDJPY @ 147.855 The US Dollar is trimming gains with the upside trend intact. (Pivot Orderbook analysis)
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- The US Dollar is trimming gains with the upside trend intact.
- US jobless claims and housing data and the Japanese CPI figures are likely to define the pair’s direction.
- USD/JPY support levels at 147.11 and 146.35 are likely to hold bears.
The pair currently trades last at 147.855.
The previous day high was 148.53 while the previous day low was 147.07. The daily 38.2% Fib levels comes at 147.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.63, expected to provide support.
The Japanese Yen is paring some losses on Thursday as the US Dollar and US Treasury yields’ recovery loses steam. The pair is trading below 148.00 after pulling back at 148.50 on Wednesday, although the broader trend remains positive.
The US Dollar is trading moderately lower on Thursday, as the positive impact of the upbeat US Retail Sales eased. Retail consumption increased at a 0.6% pace in December, beating market expectations of a 0.4% increment.
These figures highlight the solid economic momentum of the US economy, echoed by the conclusions of the Beige Book, and are expected to keep US Dollar downside attempts limited.
Later today, the US weekly jobless claims and housing data will provide further cues into the US economic outlook. The main focus, however, will be the Japanese CPI, the last key inflation gauge ahead of next week’s BoJ meeting.
Technical indicators remain bullish, although the overbought levels on intra-day charts allow for some downside correction. Support levis at 147.11 and 146.35 are likely to hold bears. Resistances are 148.50 and 149.75.
Technical Levels: Supports and Resistances
USDJPY currently trading at 147.89 at the time of writing. Pair opened at 148.2 and is trading with a change of -0.21 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 147.89 |
| 1 | Today Daily Change | -0.31 |
| 2 | Today Daily Change % | -0.21 |
| 3 | Today daily open | 148.20 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 143.77, 50 SMA 145.91, 100 SMA @ 147.4 and 200 SMA @ 143.84.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 143.77 |
| 1 | Daily SMA50 | 145.91 |
| 2 | Daily SMA100 | 147.40 |
| 3 | Daily SMA200 | 143.84 |
The previous day high was 148.53 while the previous day low was 147.07. The daily 38.2% Fib levels comes at 147.97, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.63, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 147.34, 146.48, 145.89
- Pivot resistance is noted at 148.79, 149.39, 150.24
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 148.53 |
| Previous Daily Low | 147.07 |
| Previous Weekly High | 146.41 |
| Previous Weekly Low | 143.42 |
| Previous Monthly High | 148.35 |
| Previous Monthly Low | 140.25 |
| Daily Fibonacci 38.2% | 147.97 |
| Daily Fibonacci 61.8% | 147.63 |
| Daily Pivot Point S1 | 147.34 |
| Daily Pivot Point S2 | 146.48 |
| Daily Pivot Point S3 | 145.89 |
| Daily Pivot Point R1 | 148.79 |
| Daily Pivot Point R2 | 149.39 |
| Daily Pivot Point R3 | 150.24 |
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