The USDJPY currency pair, currently at a rate of 138.945, has gained momentum near the 138.50 mark, influenced by the movements of the US Dollar Index.

…
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 has picked strength around 138.50 following the footprints of the US Dollar Index.

The pair currently trades last at 138.945.

The previous day high was 139.16 while the previous day low was 137.24. The daily 38.2% Fib levels comes at 138.43, expected to provide support. Similarly, the daily 61.8% fib level is at 137.97, expected to provide support.

The USD/JPY pair has recovered firmly to near 138.85 in the London session. The asset was demonstrating a non-directional performance amid an absence of a potential economic trigger. The recovery move has come following the footprints of the US Dollar Index (DXY). A power-pack action in the major would be propelled by the release of the monthly United States Retail Sales data.

S&P500 futures have discovered some losses in Europe, portraying a cautious market mood. US equities are expected to face tough times as the second-quarter result season has kicked off. Investors will keep an eye on banking and technology stocks amid bleak economic activities due to higher interest rates from the Federal Reserve (Fed).

The US Dollar Index (DXY) is making some serious efforts for delivering a break above the immediate resistance of 100.00. A decisive move would trigger a short-term recovery and might impact the appeal for the risk-perceived currencies. The yields offered on 10-year US Treasury bonds have dropped sharply to near 3.78%.

Hopes of only one more interest rate hike from the Fed have elevated due to supportive economic indicators. June’s inflation report has softened sharply as prices of second-hand automobiles have dropped and was sufficient to offset a mild increase in gasoline prices. The tight labor market has released some heat as Fed remained aggressively hawkish and now investors are shifting their focus toward the US Retail Sales data.

On the Japanese Yen front, the interest rate decision by the Bank of Japan (BoJ) will be keenly watched. Bloomberg reported that BoJ officials will likely raise their inflation forecast above 2% for this fiscal year at their July meeting, but their view for the following year is largely unchanged and may even be nudged down.

Investors should note that Japanese markets were closed on Monday on account of Marine Day.

Technical Levels: Supports and Resistances

USDJPY currently trading at 138.87 at the time of writing. Pair opened at 138.81 and is trading with a change of 0.04 % .

The pair is trading below its 20 Daily moving average @ 142.52, below its 50 Daily moving average @ 140.15 , above its 100 Daily moving average @ 137.02 and above its 200 Daily moving average @ 137.09

The previous day high was 139.16 while the previous day low was 137.24. The daily 38.2% Fib levels comes at 138.43, expected to provide support. Similarly, the daily 61.8% fib level is at 137.97, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 137.65, 136.49, 135.73
• Pivot resistance is noted at 139.57, 140.32, 141.49

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...