#USDJPY @ 144.371 US dollar retreats across the board amid an improvement in risk sentiment. (Pivot Orderbook analysis)
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- US dollar retreats across the board amid an improvement in risk sentiment.
- Yen trims losses versus the dollar, drops further versus other currencies.
- USD/JPY overbought but still pointing to the upside.
The pair currently trades last at 144.371.
The previous day high was 143.07 while the previous day low was 140.25. The daily 38.2% Fib levels comes at 141.99, expected to provide support. Similarly, the daily 61.8% fib level is at 141.33, expected to provide support.
The USD/JPY peaked at 144.98 on Wednesday, the highest level since 1998. After being unable to break above 145.00 the rally lost momentum and it pulled back to 144.20, on the back of a broad-base correction of the US dollar.
The greenback moved off highs during the American session as Wall Street turned positive. As of writing, the Dow Jones was up by 0.80% and the Nasdaq by 0.87%. The improvement in risk sentiment avoided a general recovery of the yen.
The Japanese yen trimmed losses against the dollar but it printed fresh lows versus most of the currencies. The DXY was in red for the day at 110.15 after hitting a multi-year high at 110.78.
The USD/JPY is still up more than 400 pips from Tuesday’s opening level. The divergence between the Fed and the Bank of Japan continues to be the key driver of the rally. The 145.00 zone has become the new resistance. On the downside, 144.20 is the immediate support followed by 143.40.
Later on Wednesday, the Federal Reserve will release the Beige Book. On Thursday, Q2 growth data from Japan is due.
Technical Levels: Supports and Resistances
USDJPY currently trading at 144.59 at the time of writing. Pair opened at 142.8 and is trading with a change of 1.25 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 144.59 |
| 1 | Today Daily Change | 1.79 |
| 2 | Today Daily Change % | 1.25 |
| 3 | Today daily open | 142.80 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 137.03, 50 SMA 136.38, 100 SMA @ 133.61 and 200 SMA @ 125.26.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 137.03 |
| 1 | Daily SMA50 | 136.38 |
| 2 | Daily SMA100 | 133.61 |
| 3 | Daily SMA200 | 125.26 |
The previous day high was 143.07 while the previous day low was 140.25. The daily 38.2% Fib levels comes at 141.99, expected to provide support. Similarly, the daily 61.8% fib level is at 141.33, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 141.01, 139.22, 138.19
- Pivot resistance is noted at 143.83, 144.86, 146.65
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 143.07 |
| Previous Daily Low | 140.25 |
| Previous Weekly High | 140.80 |
| Previous Weekly Low | 137.57 |
| Previous Monthly High | 139.08 |
| Previous Monthly Low | 130.40 |
| Daily Fibonacci 38.2% | 141.99 |
| Daily Fibonacci 61.8% | 141.33 |
| Daily Pivot Point S1 | 141.01 |
| Daily Pivot Point S2 | 139.22 |
| Daily Pivot Point S3 | 138.19 |
| Daily Pivot Point R1 | 143.83 |
| Daily Pivot Point R2 | 144.86 |
| Daily Pivot Point R3 | 146.65 |
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