#USDJPY @ 149.983 reached a new 15-day high at around 150.05, but fears of Japanese intervention led to a quick rejection.

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• USD/JPY reached a new 15-day high at around 150.05, but fears of Japanese intervention led to a quick rejection.

The pair currently trades last at 149.983.

The previous day high was 149.94 while the previous day low was 149.32. The daily 38.2% Fib levels comes at 149.7, expected to provide support. Similarly, the daily 61.8% fib level is at 149.56, expected to provide support.

USD/JPY reached a new 15-day high at around 150.05, though the price was quickly rejected, as seen by the 5-minute chart, amid fears of Japanese authorities’ intervention in the Forex markets. At the time of writing, the pair exchanges hand volatile within the 149.90/150.00 area, registering gains of 0.05%.

Wall Street continues to print losses, while the US 10-year benchmark note rate sits at 4.95%, gaining 13 basis points, a tailwind for the USD/JPY. The US Dollar Index (DXY), which tracks the Greenback’s performance against a basket of currencies, including the Japanese Yen (JPY), gains 0.27%, at 106.52.

Regarding economic data, the US saw an unexpected increase in New Home Sales for September, with a 12.3% month-on-month rise. This significant uptick followed a sharp contraction of -8.2% in the previous month, the fastest pace of growth since early 2022. These positive data, combined with earlier reports like the S&P Global PMIs for the US showing improvements in business activity, support the US Dollar. This could suggest an increasing likelihood of a soft economic landing in the US.

On the geopolitical front, Israeli Prime Minister Benjamin Netanyahu crossed the wires, saying, “we are preparing for a ground invasion.” He added that he won’t give any details, that civilians in Gaza should move to the south, and that the invasion time will be reached by consensus.

The docket would feature Foreign Bond Investment and Stock Investment by Foreigners on the Japanese front. On the US front, the calendar would feature the third quarter Gross Domestic Product (GDP) along with unemployment claims data.

Technical Levels: Supports and Resistances

USDJPY currently trading at 149.98 at the time of writing. Pair opened at 149.92 and is trading with a change of 0.04 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.42, 50 SMA 147.94, 100 SMA @ 144.94 and 200 SMA @ 139.56.

The previous day high was 149.94 while the previous day low was 149.32. The daily 38.2% Fib levels comes at 149.7, expected to provide support. Similarly, the daily 61.8% fib level is at 149.56, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.51, 149.11, 148.9
• Pivot resistance is noted at 150.13, 150.34, 150.74

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