#USDJPY @ 137.014 -imp levels: Japanese yen is among the worst performers on Friday amid high yields.

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• Japanese yen is among the worst performers on Friday amid high yields.
• US dollar holds onto strong weekly gains amid Fed exceptions.
• USD/JPY heads for the second highest weekly close in decades.

The pair currently trades last at 137.014.

The previous day high was 135.9 while the previous day low was 134.65. The daily 38.2% Fib levels comes at 135.42, expected to provide support. Similarly, the daily 61.8% fib level is at 135.13, expected to provide support.

The USD/JPY rose further during the American session and climbed to 137.23, reaching the highest level in three weeks. The pair remains near the highs holding onto strong weekly gains.

The Japanese yen is falling across the board on Friday while the US dollar is stronger. Higher yields weighed on JPY that failed to benefit from risk aversion. The Dow Jones is falling 0.88% and the Nasdaq 2.09%.

The greenback, measured by the DXY trades at one-month highs above 108.00, up 0.56% for the day supported by expectations about the Federal Reserve. Market participants continue to see more rate hikes after the latest round of economic data and following the FOMC minutes.

From a week ago, USD/JPY is up by more than 350 pips. It is about to post the second highest close in decades. The bullish long-term trend stays intact. The next resistance is seen at 137.80 followed by 138.80, the multi-year high at 139.40 and then attention would turn to 140.00.

The weekly chart shows the pair found support above the 20-week Simple Moving Average, currently at 132.00. A close below should point to a weaker dollar. While above, the bias is to the upside.

Technical Levels: Supports and Resistances

USDJPY currently trading at 137.21 at the time of writing. Pair opened at 135.89 and is trading with a change of 0.97 % .

The pair remains strongly bullish on the daily timeframe. It trades above its 20 SMA @ 134.41, 50 SMA 135.43, 100 SMA @ 131.83 and 200 SMA @ 123.68.

The previous day high was 135.9 while the previous day low was 134.65. The daily 38.2% Fib levels comes at 135.42, expected to provide support. Similarly, the daily 61.8% fib level is at 135.13, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 135.06, 134.23, 133.8
• Pivot resistance is noted at 136.31, 136.73, 137.57

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