Due to the decrease in market sentiment, USDJPY at 143.248 is anticipated to continue its upward trend and exceed 143.50.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER 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_level1)]

• USD/JPY is expected to extend a rally above 143.50 as market sentiment has dampened.

The pair currently trades last at 143.248.

The previous day high was 143.23 while the previous day low was 141.61. The daily 38.2% Fib levels comes at 142.61, expected to provide support. Similarly, the daily 61.8% fib level is at 142.23, expected to provide support.

The USD/JPY pair has witnessed a marginal correction after facing fragile barricades around 143.50 in the early London session. The upside bias for the USD/JPY pair has not faded as the market sentiment is quite negative, which has improved the appeal of the US Dollar Index (DXY).

S&P500 futures have posted significant losses in Asia as investors are worried that extremely restrictive monetary policy from global central banks has accelerated fears of bleak global growth. The overall market mood is quite negative as the Federal Reserve (Fed) is going to raise interest rates further to tame persistent inflation.

The US Dollar Index has printed a fresh day’s high at 102.70 amid sheer uncertainty in global markets. As per the CME Fedwatch tool, around 77% chances are in favor of a hawkish interest rate policy by the Fed for the July meeting. The odds for a hawkish July policy are still solid despite tight labor market conditions releasing heat.

On Thursday, the US Department of Labor reported marginally higher initial jobless claims for the week ending June 16. Jobless claims were higher than the consensus for the straight fourth time in a row. The claims were landed at 264K, similar to their prior release and marginally higher than expectations of 260K.

On the Japanese Yen front, inflationary pressures have unexpectedly softened despite consistent monetary stimulus by the Bank of Japan (BoJ). Headline inflation has decelerated to 3.2% while the street was estimating a further boost to 4.1%. Also, it remained lower than the former release of 3.5%. Core inflation that excludes volatile oil and food prices landed at 4.3%, marginally lower than the estimates of 4.4% but remained higher than the former release of 4.1%.

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.33 at the time of writing. Pair opened at 143.12 and is trading with a change of 0.15 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.36, 50 SMA 137.61, 100 SMA @ 135.52 and 200 SMA @ 137.21.

The previous day high was 143.23 while the previous day low was 141.61. The daily 38.2% Fib levels comes at 142.61, expected to provide support. Similarly, the daily 61.8% fib level is at 142.23, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 142.08, 141.04, 140.46
• Pivot resistance is noted at 143.69, 144.27, 145.31

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group