Despite market caution, the USDJPY is trading higher at around 146.60.
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- USD/JPY trades higher around 146.60 despite the market caution.
The pair currently trades last at 146.552.
The previous day high was 146.5 while the previous day low was 146.02. The daily 38.2% Fib levels comes at 146.32, expected to provide support. Similarly, the daily 61.8% fib level is at 146.21, expected to provide support.
USD/JPY continues the winning streak that started on Friday, trading around 146.60 during the Asian session on Tuesday. The pair is experiencing upward support despite the market caution after the modest employment data from the United States (US) as the likelihood of no interest rate adjustment by the US Federal Reserve (Fed) in the September meeting.
Furthermore, the upward trajectory of the USD/JPY pair could experience support as investors are still factoring in the odds of a quarter basis points (bps) rate hike by the Fed.
However, Japan’s disappointing year-on-year Household spending data for July, which was unveiled on Monday, could be contributing to the downward pressure on the Japanese Yen (JPY). The statistics revealed the worst decline since February 2021, with the actual figure registering at -5.0%, notably worse than the anticipated -2.5%. June’s figure was -4.2%. This outcome implies that the Bank of Japan (BoJ) may refrain from making any immediate adjustments to its accommodative monetary policy.
US Dollar Index (DXY), which measures the performance of the Greenback against six other major currencies, hovers around 104.10 at the time of writing. The US Dollar (USD) was underpinned by both the steady employment growth in August and the recovery in US Treasury yields. Market participants await the ISM Services PMI for August, scheduled to be released on Wednesday.
Technical Levels: Supports and Resistances
USDJPY currently trading at 146.52 at the time of writing. Pair opened at 146.49 and is trading with a change of 0.02 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 146.52 |
| 1 | Today Daily Change | 0.03 |
| 2 | Today Daily Change % | 0.02 |
| 3 | Today daily open | 146.49 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 145.58, 50 SMA 143.29, 100 SMA @ 140.64 and 200 SMA @ 136.87.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 145.58 |
| 1 | Daily SMA50 | 143.29 |
| 2 | Daily SMA100 | 140.64 |
| 3 | Daily SMA200 | 136.87 |
The previous day high was 146.5 while the previous day low was 146.02. The daily 38.2% Fib levels comes at 146.32, expected to provide support. Similarly, the daily 61.8% fib level is at 146.21, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 146.18, 145.86, 145.7
- Pivot resistance is noted at 146.65, 146.81, 147.12
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 146.50 |
| Previous Daily Low | 146.02 |
| Previous Weekly High | 147.38 |
| Previous Weekly Low | 144.44 |
| Previous Monthly High | 147.38 |
| Previous Monthly Low | 141.51 |
| Daily Fibonacci 38.2% | 146.32 |
| Daily Fibonacci 61.8% | 146.21 |
| Daily Pivot Point S1 | 146.18 |
| Daily Pivot Point S2 | 145.86 |
| Daily Pivot Point S3 | 145.70 |
| Daily Pivot Point R1 | 146.65 |
| Daily Pivot Point R2 | 146.81 |
| Daily Pivot Point R3 | 147.12 |
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