USD/JPY gains traction above 149.60 amid the renewed USD demand, US Retail Sales looms

USD/JPY attracts some buyers above the mid-149.00s on Tuesday.
US NY Empire State Manufacturing Index for October fell to 4.6 vs. a 1.9 rise prior, better than expected.
Japanese Finance Minister denied comment about currency intervention.
Traders will focus on the US Retail Sales, Industrial Production, and Fed speakers later on Tuesday.

Lallalit Srijandorn FXStreet

The USD/JPY pair holds positive ground around 149.60 during the early European trading hours on Tuesday. A renewed US Dollar (USD) demand and a recovery in US treasury yields lend some support to the pair. Investors await the US Retail Sales data on Tuesday for fresh impetus. The monthly figure is expected to rise by 0.3% in September.

The dovish comments from the Federal Reserve (Fed) capped the upside of the USD/JPY pair on Tuesday. Chicago Fed President Austan Goolsbee maintained his dovish stance by saying that a fall in US inflation is not a bleep, while Philadelphia Fed President Patrick Harker said that in the absence of some turn in the data, the Fed should hold rates steady. However, traders will take more cues from the Fed speakers on Tuesday, which include Williams, Bowman, Barkin, and Kashkari, which might offer some hints about further monetary policy paths.

About the data, the US NY Empire State Manufacturing Index for October fell to 4.6 from a 1.9 rise in the previous reading, above the market estimation of a 7.0 decline. Last week, the US Consumer Price Index (CPI) annually and monthly for September came in at 3.7% and 0.4%, respectively. Both figures exceeded the market expectations.

On the JPY, Japanese Finance Minister Shunichi Suzuki denied to comment on Tuesday's statements about currency intervention by an International Monetary Fund (IMF) official. Suzuki went on to say that there was no need to go into detail about the factors that would

Looking ahead, market players will keep an eye on the US Retail Sales, Industrial Production, and Fed speakers later on Tuesday. On Wednesday, the Japanese trade data will be released, followed by the National Consumer Price Index (CPI) reports on Friday. These figures could give a clear direction to the USD/JPY pair.

USD/JPY

Overview
Today last price	149.59
Today Daily Change	0.08
Today Daily Change %	0.05
Today daily open	149.51

Trends
Daily SMA20	148.98
Daily SMA50	147.32
Daily SMA100	144.32
Daily SMA200	138.96

Levels
Previous Daily High	149.76
Previous Daily Low	149.36
Previous Weekly High	149.83
Previous Weekly Low	148.16
Previous Monthly High	149.71
Previous Monthly Low	144.44
Daily Fibonacci 38.2%	149.52
Daily Fibonacci 61.8%	149.61
Daily Pivot Point S1	149.33
Daily Pivot Point S2	149.14
Daily Pivot Point S3	148.93
Daily Pivot Point R1	149.73
Daily Pivot Point R2	149.95
Daily Pivot Point R3	150.13

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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