USD/JPY is steady below 147.45 resistance ahead of the US ADP report

Guillermo Alcala FXStreet

The Dollar remains moderately bid, ready to test resistance at 147.50.
Dovish comments from BoJ’s Himino are weighing on the Yen.
The US ADP later today is likely to determine USD’s near-term path.

The US Dollar keeps a mild bid tone on the Early European trading session, with the pair trading within a narrow range below the 147.45 resistance area and bears contained above 147.00 so far.

The Dollar ticks up on higher US yields and a dovish BoJ

A mild pick up on US Treasury yields and some dovish comments from the BoJ Deputy Governor Himino, cooling expectations about a hawkish turn on the bank’s monetary policy, have increased bearish pressure on the Yen.

The US Dollar however is facing weaknesses of its own. US JOLTs data revealed on Tuesday that the effect of higher rates is starting to spill over the labour market, boosting speculation that the Fed might start cutting rates in early 2024.

If the ADP later today confirms this theory, we might see further USD selling later today.

The technical picture, however, is showing signs of a potential rebound. Four-hour charts show the pair testing the top of a falling wedge pattern right below 147.45, with a bullish divergence on the RSI giving hopes for buyers.

Resistances are 147.50 and 148.50. Supports lie at 146.30 and 146.00.

Technical levels to watch

USD/JPY

Overview
Today last price	147.22
Today Daily Change	0.02
Today Daily Change %	0.01
Today daily open	147.2

Trends
Daily SMA20	149.3
Daily SMA50	149.53
Daily SMA100	147.34
Daily SMA200	142.2

Levels
Previous Daily High	147.39
Previous Daily Low	146.56
Previous Weekly High	149.68
Previous Weekly Low	146.66
Previous Monthly High	151.91
Previous Monthly Low	146.67
Daily Fibonacci 38.2%	146.88
Daily Fibonacci 61.8%	147.07
Daily Pivot Point S1	146.71
Daily Pivot Point S2	146.22
Daily Pivot Point S3	145.88
Daily Pivot Point R1	147.54
Daily Pivot Point R2	147.88
Daily Pivot Point R3	148.37

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.