The USDJPY currency pair is currently fluctuating within a small range of 141.60-141.80. Investors and traders are eagerly awaiting important data that could impact the market.

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• USD/JPY oscillates in a narrow range between the 141.60-141.80 area; market players await the key data.

The pair currently trades last at 141.774.

The previous day high was 141.96 while the previous day low was 139.75. The daily 38.2% Fib levels comes at 141.11, expected to provide support. Similarly, the daily 61.8% fib level is at 140.59, expected to provide support.

The USD/JPY pair consolidates in a narrow range in the early Asian session. The pair currently trades near the 141.74 area, down 0.06% on the day. Markets turn cautious mood in the busy week of economic data and the Federal Reserve’s (Fed) and Bank of Japan’s (BoJ) monetary policy decisions.

The Japanese Yen fell sharply against the dollar on Friday after Reuters reported that the BoJ will likely maintain the easy-money policy and its yield control policy in the July meeting. On Friday, the Japanese core inflation rate came in at 3.3% in June, up from 3.2% the prior, 3.5% expected. This report showed that inflation in Japan remained above the Bank of Japan’s 2% target for the 15th consecutive month.

Despite rising inflation in Japan, the central bank will likely maintain its yield curve control stance. BoJ policymakers prefer looking at more data to ensure wages and inflation continue to rise before modifying policy. This, in turn, led to the weakening of the Japanese Yen against its major rivals due to monetary policy divergences between the BoJ and Fed.

On the US Dollar front, the US economic data released were mixed, with Retail Sales falling short of expectations but indicating consumer resilience and housing market data falling after posting positive figures in May. While, the Unemployment Claims showed a solid figure. The anticipation for the Fed to raise rates after the July meeting increased to 28% from 15.9% last month.

After a rate pause in June, the Fed will announce its monetary policy decision on Wednesday. The market expected a 25 basis point (bps) rate hike. However, the focus will be on the statement and Chair Jerome Powell’s press conference. This key event will trigger volatility across financial markets.

Looking ahead, market participants will focus on the Fed’s monetary policy decision on Wednesday and the BoJ’s interest rate decision on Friday. Also, the flash Manufacturing and Service Purchasing Managers’ Index (PMI) from both the US and Japan will be watched by traders.

Technical Levels: Supports and Resistances

USDJPY currently trading at 141.73 at the time of writing. Pair opened at 141.82 and is trading with a change of -0.06 % .

The pair is trading below its 20 Daily moving average @ 141.86, above its 50 Daily moving average @ 140.63 , above its 100 Daily moving average @ 137.2 and above its 200 Daily moving average @ 136.91

The previous day high was 141.96 while the previous day low was 139.75. The daily 38.2% Fib levels comes at 141.11, expected to provide support. Similarly, the daily 61.8% fib level is at 140.59, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 140.39, 138.97, 138.18
• Pivot resistance is noted at 142.6, 143.38, 144.81

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