The USDJPY currency pair rose quickly above the 144.00 level after US inflation increased at a slower pace than anticipated.

…
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 jumps swiftly above 144.00 as US inflation grew slower than expected.

The pair currently trades last at 144.267.

The previous day high was 143.75 while the previous day low was 143.0. The daily 38.2% Fib levels comes at 143.46, expected to provide support. Similarly, the daily 61.8% fib level is at 143.29, expected to provide support.

The USD/JPY pair prints a fresh monthly high at 144.28 in the New York session after the release of United States inflation data for July. US Consumer Price Index (CPI) grew at a 0.2% pace in July, similar to the market expectations.

Annual Consumer Price Index (CPI) softened to 4.7% while investors were anticipating a steady figure at 4.8% while headline inflation grew modestly to 3.2% from the prior release of 3.0% but remained marginally below than the consensus of 3.3%.

S&P500 opens on a bullish note as a nominal growth in US inflation won’t be sufficient to force the Federal Reserve (Fed) to tighten monetary policy further. Also, investors digested Moody’s downgrade to small and medium-sized US banks. The credit-rating firm warned that it can downgrade some of the biggest lends ahead. Moody’s delivered reasoning behind its downgrade that higher borrowing costs have impacted banks’ funding potential and their profitability sharply.

The US Dollar Index (DXY) gyrates wildly around 102.00 as investors assess the inflation data for further guidance. Slower-than-expected rebound in the US inflation and hiring slowdown could allow the Federal Reserve (Fed) to keep interest rates steady.

On the Tokyo front, the Japanese Yen remains under pressure amid an absence of support from the Bank of Japan (BoJ) policy. Analysts at Commerzbank stated even if the BoJ wanted to start a slow exit from its yield curve control with its current monetary policy that cannot be positive for the Yen due to the lack of transparency.

Technical Levels: Supports and Resistances

USDJPY currently trading at 144.14 at the time of writing. Pair opened at 143.73 and is trading with a change of 0.29 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 141.1, 50 SMA 141.48, 100 SMA @ 138.23 and 200 SMA @ 136.5.

The previous day high was 143.75 while the previous day low was 143.0. The daily 38.2% Fib levels comes at 143.46, expected to provide support. Similarly, the daily 61.8% fib level is at 143.29, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 143.23, 142.74, 142.49
• Pivot resistance is noted at 143.98, 144.24, 144.73

[/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...