USD/JPY holds ground below 150.00, awaits US employment data

USD/JPY trades below the highest level in eleven months.
Traders watch for BoJ’s intervention, which could limit the losses of the Japanese Yen.
US Treasury yields elevate, providing support to the US Dollar.

Akhtar Faruqui FXStreet

USD/JPY hovers around 149.80 during the early European trading session on Tuesday, slightly below its highest level in eleven months. The Bank of Japan (BoJ) continues to maintain its ultra-loose monetary policy framework, as indicated by its recent announcement of an unscheduled bond-purchasing exercise on Monday.

This action is intended to address the rising yields in Japanese government bonds, signaling the central bank's commitment to its accommodative monetary stance.

However, Bank of Japan (BoJ) Governor Kazuo Ueda reiterated the central bank's stance, emphasizing that they will not hesitate to implement additional easing measures if deemed necessary. Ueda clarified that a recent comment regarding a "quiet exit" from monetary easing was misinterpreted.

The US Dollar Index (DXY) has surged to an 11-month high, hovering around 107.10. This strength in the Greenback is attributed to the rise in US Treasury yields. The 10-year US Treasury yield has surpassed its highest level since 2007, standing at 4.68% by the press time, following the avoidance of a partial government shutdown in the United States (US).

Moreover, market caution regarding the interest rates trajectory set by the US Federal Reserve (Fed) is contributing to the positive sentiment for the US Dollar (USD). This caution could lead to increased demand for the US Dollar as a safe-haven currency.

Market participants await the US employment data, with the release of the ADP report on Wednesday and the Nonfarm Payrolls on Friday.

USD/JPY: additional important levels

Overview
Today last price	149.71
Today Daily Change	-0.14
Today Daily Change %	-0.09
Today daily open	149.85

Trends
Daily SMA20	148.14
Daily SMA50	145.84
Daily SMA100	143.29
Daily SMA200	138.12

Levels
Previous Daily High	149.88
Previous Daily Low	149.37
Previous Weekly High	149.71
Previous Weekly Low	148.25
Previous Monthly High	149.71
Previous Monthly Low	144.44
Daily Fibonacci 38.2%	149.69
Daily Fibonacci 61.8%	149.57
Daily Pivot Point S1	149.53
Daily Pivot Point S2	149.2
Daily Pivot Point S3	149.02
Daily Pivot Point R1	150.03
Daily Pivot Point R2	150.21
Daily Pivot Point R3	150.54

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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