#USDJPY @ 135.860 Japanese Yen among top performers as the US Dollar remains under pressure. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• Japanese Yen among top performers as the US Dollar remains under pressure.
• Greenback resumes slide after United States’ economic reports.
• USD/JPY down more than 200 pips, but no signs of stabilization seen so far.

The pair currently trades last at 135.860.

The previous day high was 139.9 while the previous day low was 137.65. The daily 38.2% Fib levels comes at 138.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.04, expected to provide resistance.

The USD/JPY printed a fresh three-month during Thursday’s American session, following the release of US economic data at 135.73. It then bounced modestly toward the 136.00 zone. It remains under pressure, with the US Dollar down across the board.

On Wednesday, Federal Reserve Chairman Jerome Powell pointed toward a slowdown in rate hikes, as soon as December. His comments were no surprise but triggered a rally in stocks and in Treasuries. The US Dollar began a decline that is still going on.

Inflation data released on Thursday showed a slowdown, although still at elevated levels with the Core PCE at 5% (annual) in October down from the 5.2% of September. Personal income and Spiting rose 0.7% and 0.8% respectably. Continuing Jobless Claims rose for the seventh week in a row to the highest level since March.

The numbers did not help the Dollar and US yields held near monthly lows, supporting the Japanese Yen. Not even higher equity prices in Wall Street are offsetting the strength of the yen.

The USD/JPY is on its way to the lowest daily close since mid-August, falling for the fourth consecutive day. The pair is challenging the 136.00 area and below the next support emerges at 135.50. Below a horizontal line is seen around 134.60 and then appears the 200-day Simple Moving Average at 134.40.

No signs of consolidation are seen at the moment. Despite oversold reading in many technical indicators, the Momentum remains extremely negative. A rebound back above 137.00 could alleviate the bearish pressure. Above 137.70 the outlook for the Dollar could improve (or become less negative).

Technical Levels: Supports and Resistances

USDJPY currently trading at 136.15 at the time of writing. Pair opened at 138.08 and is trading with a change of -1.4 % .

The pair is trading below its 20 Daily moving average @ 141.42, below its 50 Daily moving average @ 144.46 , below its 100 Daily moving average @ 141.22 and above its 200 Daily moving average @ 134.32

The previous day high was 139.9 while the previous day low was 137.65. The daily 38.2% Fib levels comes at 138.51, expected to provide resistance. Similarly, the daily 61.8% fib level is at 139.04, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 137.19, 136.3, 134.95
• Pivot resistance is noted at 139.44, 140.79, 141.68

[/s2If]
Join Our Telegram Group