The US UoM Consumer Confidence Index exceeded predictions by improving to 63.9 in June, as indicated by #USDJPY at 141.620.
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- US UoM Consumer Confidence Index improves to 63.9 in June surpassing expectations.
The pair currently trades last at 141.620.
The previous day high was 141.5 while the previous day low was 139.94. The daily 38.2% Fib levels comes at 140.91, expected to provide support. Similarly, the daily 61.8% fib level is at 140.54, expected to provide support.
The USD/JPY reached its highest level since November 2022, hitting 141.57 following the release of positive US economic data. However, the pair has been unable to consolidate above the 141.50 area.
Data released on Friday showed Consumer sentiment in the US improved in early June measured by the University of Michigan’s (UoM) Consumer Confidence Index that rose to 63.9 from 59.2 in May, surpassing the market expectation of 60.
US Treasury yields spiked after the report with the 10-year reaching 3.80%. As yields pullback, the USD/JPY lost momentum. If the pair manages to stay above the 141.50 area, the Dollar could gain support. However, if it fails to do so, a correction seems likely.
On Wednesday, the Federal Reserve (Fed) kept interest rates unchanged but signaled that rates could be raised at the next meeting. A few hours ago, the Bank of Japan also kept its monetary policy stance unchanged. The BoJ’s statement was seen as dovish, as it offered no guidance on an exit from ultra-accommodative policies.
Following a busy week, the economic calendar ahead is relatively light. The most significant events in the US will be Jobless Claims and the June preliminary S&P Global PMI. In Japan, inflation data is due on Friday.
Technical Levels: Supports and Resistances
USDJPY currently trading at 141.53 at the time of writing. Pair opened at 140.35 and is trading with a change of 0.84 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 141.53 |
| 1 | Today Daily Change | 1.18 |
| 2 | Today Daily Change % | 0.84 |
| 3 | Today daily open | 140.35 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 139.58, 50 SMA 136.71, 100 SMA @ 134.89 and 200 SMA @ 137.24.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 139.58 |
| 1 | Daily SMA50 | 136.71 |
| 2 | Daily SMA100 | 134.89 |
| 3 | Daily SMA200 | 137.24 |
The previous day high was 141.5 while the previous day low was 139.94. The daily 38.2% Fib levels comes at 140.91, expected to provide support. Similarly, the daily 61.8% fib level is at 140.54, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 139.7, 139.04, 138.14
- Pivot resistance is noted at 141.26, 142.16, 142.82
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 141.50 |
| Previous Daily Low | 139.94 |
| Previous Weekly High | 140.45 |
| Previous Weekly Low | 138.76 |
| Previous Monthly High | 140.93 |
| Previous Monthly Low | 133.50 |
| Daily Fibonacci 38.2% | 140.91 |
| Daily Fibonacci 61.8% | 140.54 |
| Daily Pivot Point S1 | 139.70 |
| Daily Pivot Point S2 | 139.04 |
| Daily Pivot Point S3 | 138.14 |
| Daily Pivot Point R1 | 141.26 |
| Daily Pivot Point R2 | 142.16 |
| Daily Pivot Point R3 | 142.82 |
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