#USDJPY @ 131.315 USD Dollar gains momentum ahead of Wall Street opening bell. (Pivot Orderbook analysis)

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• USD Dollar gains momentum ahead of Wall Street opening bell.
• US Jobless Claims dropped more than expected.
• USD/JPY is up more than a hundred pips from the monthly low it reached earlier on Thursday.

The pair currently trades last at 131.315.

The previous day high was 133.0 while the previous day low was 131.0. The daily 38.2% Fib levels comes at 131.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.24, expected to provide resistance.

The USD/JPY extended the rebound following the release of US economic data and printed a fresh daily high at 131.65. On Asian hours, the pair bottomed at 130.39, the lowest since February 10.

The US Dollar was attempting to stabilize and following the release of US data it gained some momentum, helping the greenback. The DXY is down by just 0.10%, near 102.50, after hitting earlier levels below 102.00.

Initial Jobless Claims dropped by 1,000 during the week of March 18 to 191,000, against expectations of an increase to 201,000. Continuing Claims dropped by 14,000 in the week ended March 11 to 1,694,000. The numbers show the labor market remains tight.

The Chicago Fed National Activity Index (CFNAI) came in at –0.19 in February, down from 0.23 in January; forecasts were for 0.

US yields printed fresh highs after the latest economic reports, although they are significantly below yesterday’s levels. The yield on the US 10-year bond rose above 3.50% while the 2-year approached 4%. The Japanese Yen was modestly impacted by the rebound in yield.

USD/JPY is hovering around 131.50, in positive ground for the day, after bouncing from monthly lows. The pair is attempting to remain above the critical support of 130.50. The bias is still to the downside.

Technical Levels: Supports and Resistances

USDJPY currently trading at 131.23 at the time of writing. Pair opened at 131.46 and is trading with a change of -0.17 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 134.76, 50 SMA 132.51, 100 SMA @ 134.78 and 200 SMA @ 137.43.

The previous day high was 133.0 while the previous day low was 131.0. The daily 38.2% Fib levels comes at 131.77, expected to provide resistance. Similarly, the daily 61.8% fib level is at 132.24, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 130.64, 129.83, 128.65
• Pivot resistance is noted at 132.64, 133.82, 134.64

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