USD/JPY bears move in at resistance 137.80


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  • USD/JPY bears are moving in within the sideways consolidation. 
  • The Fed is weighing on risk sentiment, supportive of the US Dollar. 

USD/JPY is under pressure in Asia, attempting to correct the US Dollar's rally from the prior day. At the time of writing, USD/JPY is down by some 0.28%, falling from a high of 137.80 to a low of 137.35 so far. 

The US Dollar soared on Thursday, led by strong gains against the yen as investors worry about the risk of recession with the Federal Reserve likely to raise interest rates well into next year. The Federal Reserve chair Jerome Powell said more increases would come next year and the benchmark overnight interest rate would rise above 5% in 2023. Money market participants expect at least two 25 bps rate hikes next year and borrowing costs to peak at about 4.9% by midyear, before falling to around 4.4% by the end of 2023. 

This has fuelled a risk-off tone in markets in the country down to the holidays next week. The US stock indexes closed sharply lower on Thursday. The drop in the benchmarks marked the biggest one-day percentage drop for the S&P and Nasdaq since November 2, and the largest for the Dow since September 13. Each closed at its lowest level since November 9.

JPY remains the worst performing G10-FX YTD

Meanwhile, analysts at Rabobank noted that the ''JPY remains the worst performing G10 currency in the year to date, with losses vs. the USD that currently stand at 14.9%.  However, when USD/JPY hit a recent high at around 151.95, the JPY’s year-to-date drop stood at over 22%.''

USD/JPY

Overview
Today last price 137.41
Today Daily Change -0.25
Today Daily Change % -0.18
Today daily open 137.66
 
Trends
Daily SMA20 137.8
Daily SMA50 142.71
Daily SMA100 141.11
Daily SMA200 135.47
 
Levels
Previous Daily High 138.18
Previous Daily Low 135.23
Previous Weekly High 137.86
Previous Weekly Low 134.13
Previous Monthly High 148.82
Previous Monthly Low 137.5
Daily Fibonacci 38.2% 137.05
Daily Fibonacci 61.8% 136.36
Daily Pivot Point S1 135.87
Daily Pivot Point S2 134.08
Daily Pivot Point S3 132.92
Daily Pivot Point R1 138.81
Daily Pivot Point R2 139.97
Daily Pivot Point R3 141.76

 

 

 

 

 

 

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