The USDJPY pair, trading at 140.453, saw its value increase for the fifth consecutive day and reached a peak close to 140.40.

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• USD/JPY tallied a fifth consecutive day of gains rising to a high near 140.40.

The pair currently trades last at 140.453.

The previous day high was 140.0 while the previous day low was 138.77. The daily 38.2% Fib levels comes at 139.53, expected to provide support. Similarly, the daily 61.8% fib level is at 139.24, expected to provide support.

The USD strengthened on Thursday and trades with gains agains most of its rivals, including the EUR, GBP, CHF and JPY. Lower Jobless Claims fueled a rise in US bond yields and allowed the USD measured by the DXY index, to rise to its highest level in seven days at 100.80.

The US reported mid-tier data. On the negative side, the Philadelphia Federal Reserve Manufacturing survey showed worrying results as it index declined more than expected, coming in at -13 vs the consensus of -10. In addition, following Wednesday’s soft Housing data, Existing sales from the US from June also showed weakness. The figure showed a contraction of 3.3% MoM in June with a 4.16M decrease.

That being said, investors are weighing more the lower-than-expected Jobless Claims figures for the second week of July. The number of people filing for unemployment benefits came in at 228,000 vs the 242,000 expected and also below the previous figure of 237,000.

US Treasury yields advanced across the board. The 2-year yield displays nearly 2% gains and stands at 4.88%, while the 5 and 10-year yields rose to 4.10% and 3.84% showing more than 2% increase. Ahead of next week’s Federal Reserve (Fed) meeting, markets have discounted mainly a 25 basis point increase while the odds of another hike past July continue to be low according to World Interest Rate Probabilities (WIRP)

On the Japanese side, investors will eye Japanese inflation figures from June. The headline Consumer Price Index (CPI) is expected to have accelerated to 3.5% YoY in June, while the Core measure to decelerate slightly to 4.2%.

The daily chart indicates that the bulls are gaining ground, marching towards positive territory. As for now, the Relative Strength Index (RSI) points noth but remains in negative territory while the Moving Average Convergence Divergence (MACD) prints lower red bars, indicating at a fading selling momentum.

Resistance levels: 140.70, 141.00, 141.95 (20-day Simple Moving Average)
Support levels: 140.00, 139.60,139.00.

Technical Levels: Supports and Resistances

USDJPY currently trading at 140.39 at the time of writing. Pair opened at 139.61 and is trading with a change of 0.56 % .

The pair is trading below its 20 Daily moving average @ 142.11, below its 50 Daily moving average @ 140.4 , above its 100 Daily moving average @ 137.1 and above its 200 Daily moving average @ 136.98

The previous day high was 140.0 while the previous day low was 138.77. The daily 38.2% Fib levels comes at 139.53, expected to provide support. Similarly, the daily 61.8% fib level is at 139.24, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 138.92, 138.23, 137.69
• Pivot resistance is noted at 140.15, 140.69, 141.38

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