#USDJPY @ 150.365 The is trading into the high side above the 150.00 handle as markets dare the BoJ to intervene.

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• The USD/JPY is trading into the high side above the 150.00 handle as markets dare the BoJ to intervene.

The pair currently trades last at 150.365.

The previous day high was 150.32 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.12, expected to provide support. Similarly, the daily 61.8% fib level is at 150.0, expected to provide support.

The USD/JPY is trading into 150.40 as Japan’s Tokyo Consumer Price Index (CPI) rounds the corner.

Tokyo Core CPI is expected to hold steady for the year into October at 2.5%, with the headline CPI inflation reading last showing 2.8 for the same period.

https://www.fxstreet.com/news/forex-today-dollar-stays-cool-despite-hot-us-economy-202310262041

The USD/JPY continues to trade into a price level that has seen the Bank of Japan (BoJ) take defensive measures in the past, and markets are keeping the Yen pinned to the floorboards as investors dare the BoJ to take action to defend the JPY.

The trading week will close out with Friday’s US Personal Consumption Expenditure (PCE) Price Index, which is expected to tick upwards from 0.1% to 0.3% for the month-on-month figure for September.

On Thursday, the USD/JPY currency pair exhibited notable strength by surpassing the significant psychological threshold of 150. This extension of the prevailing upward trajectory underscores the bullish sentiment across various time frames, including the long-term, intermediate, and short-term perspectives.

The absence of discernible reversal signals in the market further supports the prevailing uptrend, instilling confidence in the probability of continued upward momentum. Notably, the next prominent price target resides at the 152.00 level, a level previously achieved in October 2022.

A technical analysis of the daily chart reveals the completion of what appears to be an ascending triangle pattern, followed by a breakthrough above the 150.16 highs recorded on October 3. It is worth noting that the breakout, as observed on Thursday, was not decisively pronounced, as indicated by the formation of a ‘Doji’ candlestick, reflecting a degree of market indecision. However, the overarching upward trend lends support to the expectation of a subsequent price appreciation.

In light of the technical analysis, the triangle’s projected target is positioned approximately at the 152.00 level.

Technical Levels: Supports and Resistances

USDJPY currently trading at 150.37 at the time of writing. Pair opened at 150.22 and is trading with a change of 0.1 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 149.45, 50 SMA 148.02, 100 SMA @ 145.04 and 200 SMA @ 139.67.

The previous day high was 150.32 while the previous day low was 149.79. The daily 38.2% Fib levels comes at 150.12, expected to provide support. Similarly, the daily 61.8% fib level is at 150.0, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 149.9, 149.59, 149.38
• Pivot resistance is noted at 150.42, 150.63, 150.95

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