The currency pair USDJPY is currently at 143.399 and has encountered a resistance to selling near the 144.00 mark. Despite this, it appears that there is a preference for prices to rise.

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• USD/JPY has sensed selling pressure around 144.00, however, the upside seems favored.

The pair currently trades last at 143.399.

The previous day high was 143.72 while the previous day low was 142.94. The daily 38.2% Fib levels comes at 143.24, expected to provide support. Similarly, the daily 61.8% fib level is at 143.42, expected to provide resistance.

The USD/JPY pair has faced selling pressure near the crucial resistance of 144.00 in the late London session. The asset has dropped marginally, however, the upside bias is still solid as the US Dollar Index (DXY) is well-supported around 102.50 ahead of United States Durable Goods Orders data.

S&P500 futures have surrendered the majority of gains as the risk appetite of the market participants have trimmed dramatically. Market sentiment has turned sour as investors are getting cautious ahead of the second quarter result season. The investing community is not confident about the corporate profits as technology stocks are expected to deliver weak guidance due to higher interest rates by the Federal Reserve (Fed) while Net Interest Income (NII) for banks could remain under pressure due to tight credit conditions.

The US Dollar Index (DXY) is consistently showing a non-directional performance ahead of the US Durable Goods Orders data. As per the preliminary report, the economic data is seen contracting by 1.0% vs. an expansion of 1.1%. Durable Goods Orders excluding defense are seen as stagnant against a contraction of 0.7%. The yields offered on 10-year US Treasury bonds have dropped sharply to near 3.72%.

Meanwhile, the Japanese Yen is broadly facing pressure as the Bank of Japan (BoJ) will continue the ultra-dovish policy. Sheer depreciation in the Japanese Yen has propelled hopes of a stealth intervention by the BoJ. A poll from Reuters showed that BoJ officials could intervene if USD/JPY climbs to 145.00. Also, Japanese Finance Minister Shunichi Suzuki said that he “will respond appropriately if FX moves become excessive.”

Technical Levels: Supports and Resistances

USDJPY currently trading at 143.56 at the time of writing. Pair opened at 143.51 and is trading with a change of 0.03 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 140.66, 50 SMA 137.99, 100 SMA @ 135.75 and 200 SMA @ 137.22.

The previous day high was 143.72 while the previous day low was 142.94. The daily 38.2% Fib levels comes at 143.24, expected to provide support. Similarly, the daily 61.8% fib level is at 143.42, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 143.06, 142.6, 142.27
• Pivot resistance is noted at 143.85, 144.18, 144.63

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