#USDJPY @ 140.621 leaps past the 140.00 mark, despite US economic data suggesting a potential Fed rate hike. (Pivot Orderbook analysis)

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• USD/JPY leaps past the 140.00 mark, despite US economic data suggesting a potential Fed rate hike.
• Japanese Finance Minister Shunichi Suzuki encourages market-determined currency rates, stating that he’s closely monitoring exchange-rate movements.
• USD/JPY, poised to challenge 142.00 once it clears 141.00, finds support at 139.89/140.00, with a deeper fallback to 137.26.

The pair currently trades last at 140.621.

The previous day high was 140.23 while the previous day low was 138.82. The daily 38.2% Fib levels comes at 139.69, expected to provide support. Similarly, the daily 61.8% fib level is at 139.36, expected to provide support.

USD/JPY rallied sharply past the 140.00 figure on Friday late in the New York session, after traveling towards its daily low of 139.49, before making a U-turn. Solid economic data from the United States (US) bolstered the odds for another rate hike by the Federal Reserve (Fed), as shown by the market reaction. US Treasury bond yields rose before reversing their course, while the US Dollar weakened. At the time of writing, the USD/JPY is trading at 140.60.

After hitting a new year-to-date (YTD) high of 140.72, the USD/JPY retraced somewhat but remains upward biased. Once the USD/JPY cracked the November 30 swing high of 139.89, buyers piled in to break the 140.00 figure despite Japanese Finance Minister Shunichi Suzuki saying that markets should set currency rates based on economic fundamentals. He stated that he’s watching exchange-rate moves closely.

During Friday’s session, USD/JPY continued and extended its gains, but the pair lost momentum as the New York session began to wind down. However, if USD/JPY extends its gains past 141.00, the next resistance would be the 142.00 figure, ahead of testing the November 22 High at 142.24.

Conversely, the USD/JPY first support would be the 140.00 mark, ahead of falling to November 30 previous resistance turned support at 139.89. A dip below could clear the way for the pair to fall toward December 15 daily high at 138.17 before reaching the 20-day Exponential Moving Average (EMA) At 137.26.

Technical Levels: Supports and Resistances

USDJPY currently trading at 140.63 at the time of writing. Pair opened at 140.07 and is trading with a change of 0.4 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 136.62, 50 SMA 134.31, 100 SMA @ 133.43 and 200 SMA @ 137.21.

The previous day high was 140.23 while the previous day low was 138.82. The daily 38.2% Fib levels comes at 139.69, expected to provide support. Similarly, the daily 61.8% fib level is at 139.36, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 139.18, 138.3, 137.77
• Pivot resistance is noted at 140.59, 141.12, 142.0

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