The USDJPY pair is experiencing a rebound on Friday and is approaching the highest level reached during this week’s trading.

…
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)]

• The USD/JPY is seeing recovery on Friday into the top end of the week’s trading.

The pair currently trades last at 148.287.

The previous day high was 148.46 while the previous day low was 147.32. The daily 38.2% Fib levels comes at 147.76, expected to provide support. Similarly, the daily 61.8% fib level is at 148.03, expected to provide support.

The USD/JPY is set to close out the trading week just south of the 148.50 level after peaking at an intraday high of 148.40 as the US Dollar (USD) covers its bids on a mixed Purchasing Manager Index (PMI) reading.

The Bank of Japan (BoJ) kept the bottom band of its main policy rate at -0.1% early on Friday, which shook off some bullish momentum for the Yen (JPY).

Read more:

BoJ’s Ueda: No change to way of policy decision making process

US S&P Global Manufacturing PMI improves to 48.9, Services PMI declines to 50.2 in September

Yen bulls found little love from the BoJ on Friday as the Japanese central bank reaffirmed its easy monetary policy stance until they see Japanese inflation maintaining 2% “in a stable manner”. Inflation in the Japanese economy is on the high end for the time being, but price growth is expected to decline appreciably in the coming months, and the BoJ continues to be far off of a hawkish policy change.

US PMI figures came in somewhere in the middle, with manufacturing showing a minor improvement and services backsliding.

The US S&P Global Manufacturing PMI jumped further than expected, printing at 48.9 versus the expected 48, but the Services component missed to the downside, printing at 50.2 compared to the forecast 50.6. The mixed printing helped prop up the Greenback against the Yen, but kept gains restrained within the previous day’s highs.

Thursday’s backslide saw the USD/JPY fall to the 200-hour Simple Moving Average (SMA) before giving a rebound through early Friday trading.

The pair has gained steadily through the week, and is set to finish on the high end, currently looking for a foothold just beneath the week’s peak of 148.46.

On the daily candlesticks the USD/JPY is decidedly bullish, up nearly 8% from July’s bottom near 137.20. Bullish price momentum is seeing technical support from the 34-day Exponential Moving Average (EMA), and the US Dollar has gained over 13% against the Japanese Yen so far this year.

Technical Levels: Supports and Resistances

USDJPY currently trading at 148.26 at the time of writing. Pair opened at 147.59 and is trading with a change of 0.45 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 147.09, 50 SMA 144.54, 100 SMA @ 142.3 and 200 SMA @ 137.58.

The previous day high was 148.46 while the previous day low was 147.32. The daily 38.2% Fib levels comes at 147.76, expected to provide support. Similarly, the daily 61.8% fib level is at 148.03, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 147.12, 146.65, 145.98
• Pivot resistance is noted at 148.26, 148.93, 149.4

[/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...