The USDJPY at 146.634 is currently experiencing a temporary support level around 146.00 as the effect of the Bank of Japan Governor Ueda’s hawkish statement begins to lessen.

…
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 finds an intermediate support near 146.00 as the impact the BoJ Ueda’s hawkish remark starts easing.

The pair currently trades last at 146.634.

The previous day high was 147.87 while the previous day low was 146.59. The daily 38.2% Fib levels comes at 147.38, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.08, expected to provide resistance.

The USD/JPY pair discovers support near 146.00 after a vertical sell-off that was inspired by hawkish remarks from Bank of Japan (BoJ) Governor Kazuo Ueda this weekend. The asset finds intermediate support as the impact of discussions about an exit from a negative interest rate stance starts fading.

S&P500 futures generated decent gains in the London session, portraying an improvement in the risk appetite of the market participants. The appeal for risk-sensitive assets improved on Monday as China’s Consumer Price Index (CPI) for August accelerated.

BoJ Ueda said in an interview with Yomiuri newspaper that the BOJ could have enough data by year-end to determine whether it can end negative rates. The achievement of a sustainable inflation target of 2% could allow the BoJ to exit from the decade-long ultra-loose interest rates.

Meanwhile, the US Dollar Index (DXY) corrected a bit after a fresh six-month high near 105.00 on Monday as Federal Reserve (Fed) policymakers supported for keeping the current interest rate policy unchanged for September due to falling inflation and a bleak economic outlook.

Broadly, the US Dollar remains resilient as Chicago Fed Bank President Austan Goolsbee said the central bank is aiming to push the economy to a “golden path,” meaning a situation where inflation recedes without triggering a recession.

Going forward, investors will focus on the US Consumer Price Index (CPI) data for August, which will be released on Wednesday at 12:30 GMT. As per the consensus, headline inflation expanded at a significantly higher pace of 0.5% while core CPI that excludes volatile oil and food prices remained steady against the July pace of 0.2% in both segments.

Technical Levels: Supports and Resistances

USDJPY currently trading at 146.54 at the time of writing. Pair opened at 147.84 and is trading with a change of -0.88 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 146.27, 50 SMA 143.55, 100 SMA @ 141.17 and 200 SMA @ 137.09.

The previous day high was 147.87 while the previous day low was 146.59. The daily 38.2% Fib levels comes at 147.38, expected to provide resistance. Similarly, the daily 61.8% fib level is at 147.08, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 146.99, 146.15, 145.71
• Pivot resistance is noted at 148.28, 148.72, 149.56

[/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...