The USDJPY pair has risen to a new high for the year at 149.18, supported by elevated US bond yields.
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- USD/JPY reaches a new year-to-date high at 149.18, underpinned by high US yields.
The pair currently trades last at 149.036.
The previous day high was 148.96 while the previous day low was 148.25. The daily 38.2% Fib levels comes at 148.69, expected to provide support. Similarly, the daily 61.8% fib level is at 148.52, expected to provide support.
USD/JPY pushes to a new year-to-date (YTD high of 149.18, though traders remain cautious given Japanese authorities’ expressions about “undesirable” and “excessive” moves in the Forex markets. Nevertheless, the Greenback remains in the driver’s seat, underpinned by elevated US Treasury bond yields. The pair continues to trade above the 149.00 mark, registering minuscule gains of 0.12%.
The Japanese Yen (JPY) fall remains cushioned by expressions of Japanese authorities, as its Finance Minister Shunichi Suzuki commented, “Excessive volatility is undesirable.” The latest Japanese official that talk up the Yen was Prime Minister Fumio Kishida, who also ordered his cabinet to prepare a new economic package to ease inflation’s pain, including food and energy.
Aside from this, the Greenback extended its gains, as US Treasury bond yields remain underpinned by expectations that interest rates would be “higher for longer,” as said by the US Federal Reserve Chair Jerome Powell. Given the Fed reviewed its forecast for 2024 to hold rates above the 5% threshold, investors reacted accordingly, lifting US bond yields higher; therefore, the US Dollar rose.
After the Fed’s decision, some of its policymakers said the US central bank needs to be patient, but the majority foresees an additional rate hike toward the end of 2023.
US Consumer Confidence deteriorated in September on the data front, as the Conference Board (CB) revealed. The CB Consumer Confidence slowed to 103 from 108.7 in August and missed estimates of 105.5, as Americans remain pessimistic about the economy.
Further housing data revealed was mixed, with Building Permits increasing while Home Sales plummeted, spurred by higher mortgage rates.
From a technical standpoint, the USD/JPY is set to test the 150.00 waters in the near term, but intervention threats could suggest a nimble approach to that level. A breach of that area, the next resistance would be the October 21 high at 151.94, followed by the 152.00 mark. Conversely, if the major drops below the Tenkan-Sen at 148.10, that could pave the way toward the latest cycle low witnessed at 144.44, the September 1 swing low. However, on its way south, sellers would face key support levels, like the Kijun-Sen at 146.82, followed by the 145.00 psychological level.
Technical Levels: Supports and Resistances
USDJPY currently trading at 149.07 at the time of writing. Pair opened at 148.88 and is trading with a change of 0.13 % .
| Overview | Overview.1 | |
|---|---|---|
| 0 | Today last price | 149.07 |
| 1 | Today Daily Change | 0.19 |
| 2 | Today Daily Change % | 0.13 |
| 3 | Today daily open | 148.88 |
The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 147.3, 50 SMA 144.93, 100 SMA @ 142.58 and 200 SMA @ 137.7.
| Trends | Trends.1 | |
|---|---|---|
| 0 | Daily SMA20 | 147.30 |
| 1 | Daily SMA50 | 144.93 |
| 2 | Daily SMA100 | 142.58 |
| 3 | Daily SMA200 | 137.70 |
The previous day high was 148.96 while the previous day low was 148.25. The daily 38.2% Fib levels comes at 148.69, expected to provide support. Similarly, the daily 61.8% fib level is at 148.52, expected to provide support.
Note the levels of interest below:
- Pivot support is noted at 148.43, 147.98, 147.72
- Pivot resistance is noted at 149.14, 149.41, 149.86
| Levels | Levels.1 |
|---|---|
| Previous Daily High | 148.96 |
| Previous Daily Low | 148.25 |
| Previous Weekly High | 148.46 |
| Previous Weekly Low | 147.32 |
| Previous Monthly High | 147.38 |
| Previous Monthly Low | 141.51 |
| Daily Fibonacci 38.2% | 148.69 |
| Daily Fibonacci 61.8% | 148.52 |
| Daily Pivot Point S1 | 148.43 |
| Daily Pivot Point S2 | 147.98 |
| Daily Pivot Point S3 | 147.72 |
| Daily Pivot Point R1 | 149.14 |
| Daily Pivot Point R2 | 149.41 |
| Daily Pivot Point R3 | 149.86 |
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