USDJPY is oscillating above 148.00 as investors are awaiting the US NFP release for making informed decisions. (Pivot Orderbook analysis)

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• USDJPY is oscillating above 148.00 as investors are awaiting the US NFP release for making informed decisions.
• Rising interest rates and weaker economic projections have impacted employment opportunities.
• An intervention in FX by the BOJ is expected as USDJPY has rebounded in the past few trading sessions.

The pair currently trades last at 148.09.

The previous day high was 148.45 while the previous day low was 147.11. The daily 38.2% Fib levels comes at 147.94, expected to provide support. Similarly, the daily 61.8% fib level is at 147.62, expected to provide support.

The USD/JPY pair is displaying a topsy-turvy performance above the critical support of 148.00 in the Tokyo session as investors have shifted their focus towards the release of the US employment data. The risk impulse is still favoring safe-haven assets as anxiety ahead of the US Nonfarm Payrolls (NFP) data is accelerating.

S&P500 futures have hardly moved in the Tokyo session as investors have shifted to the sidelines. The US dollar index (DXY) is continuously struggling to surpass the immediate hurdle of 113.00. Meanwhile, the 10-year US Treasury yields have escalated to 4.16% as a hangover of hawkish guidance on the interest rates by the Federal Reserve (Fed) is far from over.

Investors are in the mix on whether the Fed will pause its policy tightening measures after reaching the terminal rate proposed at 4.75% or will continue tweaking monetary policy as short-term inflationary expectations are still de-anchored.

For December monetary policy decision, Friday’s NFP data will be very crucial. Continuous increments in interest rates are responsible for the postponement of expansion plans from corporate, which has trimmed the requirement for more candidates. Also, weaker economic projections have resulted in a halt in the recruitment process by various firms. It is also noticed that job additions are increasing but at a significantly diminishing rate from the past three months and October, month report is no new under the sun.

As per the consensus, the US economy has added 200k jobs in the labor market vs. the prior release of 263k. Also, the Unemployment Rate is seen higher at 3.6%.

On the Tokyo front, , investors are worried over Japan-North Korea renewed tensions after North Korea fired an unidentified ballistic missile over Japan, as broadcasted by NHK. For safety measures, Japan administration warned residents to take shelter from missile threats.

Apart from that, a firmer rebound in the USDJPY pair has triggered expectations for repeat intervention by the Bank of Japan (BOJ) to support the Japanese yen against sheer volatility.

Technical Levels: Supports and Resistances

EURUSD currently trading at 148.09 at the time of writing. Pair opened at 148.06 and is trading with a change of 0.02 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 147.78, 50 SMA 144.77, 100 SMA @ 140.25 and 200 SMA @ 131.86.

The previous day high was 148.45 while the previous day low was 147.11. The daily 38.2% Fib levels comes at 147.94, expected to provide support. Similarly, the daily 61.8% fib level is at 147.62, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 147.3, 146.54, 145.96
• Pivot resistance is noted at 148.64, 149.21, 149.97

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