#USDJPY @ 149.130 holds ground above the 149.00 psychological mark ahead of the key event.

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• USD/JPY holds ground above the 149.00 psychological mark ahead of the key event.

The pair currently trades last at 149.130.

The previous day high was 150.42 while the previous day low was 149.46. The daily 38.2% Fib levels comes at 149.83, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.05, expected to provide resistance.

The USD/JPY pair finds support above the 149.00 mark during early Asian trading hours on Tuesday. The speculation that the Bank of Japan (BoJ) may tweak its Yield Curve Control (YCC) approach boosts the Japanese Yen (JPY) against the US Dollar (USD). The BoJ monetary policy meeting on Tuesday will be in the spotlight. The pair currently trades near 149.15, gaining 0.04% on the day.

Market players await the highly anticipated BoJ meeting. On Monday, Nikkei reported that BoJ will consider adjusting its Yield Curve Control (YCC) framework to allow the 10-year Japanese Government Bond (JGB) to exceed 1.0% on Tuesday’s monetary. BOJ Govorner Kazuo Ueda said the new 1.0% cap was flexible, not rigid. The JPY edged higher against the USD following this headline. It’s worth noting that the long-term rate is currently set at 1%, with BoJ conducting unlimited fixed-rate purchases to maintain yields below that level.

The Federal Reserve (Fed) Chair Jerome Powell affirmed last week that they would leave interest rates unchanged at its November meeting on Wednesday, but whether they will hold for December will depend on the incoming data. Powell further stated that the US rate could go up again if high economic growth and a labor shortage continue.

Markets currently priced in a 23% chance of the Fed hiking 25 basis points (bps) on Wednesday, according to the CME Fedwatch tools. The hawkish comments from Fed officials might cap the downside of the Greenback and act as a tailwind for the USD/JPY pair.

Moving on, the BoJ monetary policy meeting and BoJ Press Conference will be closely watched events. These events could trigger volatility in the market. Later this week, the Fed interest rate decision will be announced.

Technical Levels: Supports and Resistances

USDJPY currently trading at 149.13 at the time of writing. Pair opened at 149.64 and is trading with a change of -0.34 % .

The pair is trading below its 20 Daily moving average @ 149.52, above its 50 Daily moving average @ 148.19 , above its 100 Daily moving average @ 145.26 and above its 200 Daily moving average @ 139.88

The previous day high was 150.42 while the previous day low was 149.46. The daily 38.2% Fib levels comes at 149.83, expected to provide resistance. Similarly, the daily 61.8% fib level is at 150.05, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 149.26, 148.88, 148.3
• Pivot resistance is noted at 150.22, 150.8, 151.18

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