USD/JPY loses traction above 148.00, US data eyed

USD/JPY remains under selling pressure near 148.45 amid the softer USD and lower yields.
USD continues to lose steam as the markets believe that the Fed is done with the interest rate hiking cycle.
The speculation that the BOJ may soon be forced to abandon its negative interest rate policy is growing.
Traders will focus on the US Housing Price Index, the S&P/Case-Shiller Home Price Indices, and CB Consumer Confidence.

Lallalit Srijandorn FXStreet

The USD/JPY pair trades in negative territory for the third consecutive day during the early Asian session on Tuesday. The downtick of the pair is backed by the decline in the US Dollar (USD) and the lower US Treasury bond yields. The pair currently trades around 148.45, losing 0.12% on the day.

The Greenback continues to lose steam as the markets believe that the Federal Reserve (Fed) is done with the interest rate hiking cycle. The US October New Home Sales dropped by 5.6% MoM in October to 679K, worse than the market estimation of 725K, the US Census Bureau showed on Monday. Furthermore, the Dallas Fed Manufacturing Index for November declined to 19.9 from 19.2 fall in the previous reading.

On the Japanese Yen front, Bank of Japan (BoJ) Governor Kazuo Ueda stated on Monday the central bank cannot yet affirm with conviction that inflation will reach its 2% target sustainably and stably.

With inflationary pressures seeming to be more persistent than expected, the speculation that the BOJ may soon be forced to abandon its negative interest rate policy is growing, as well as yield curve control, which set a 0% cap on the 10-year bond yield.

Market players will keep an on the US Housing Price Index, the S&P/Case-Shiller Home Price Indices, CB Consumer Confidence, and the Richmond Fed Manufacturing Index on Tuesday. Additionally, the Fed officials, including Goolsbee, Waller, Bowman, and Barr are set to speak later on Tuesday. Traders will take cues from these figures and find a trading opportunity around the USD/JPY pair.

USD/JPY

Overview
Today last price	148.3
Today Daily Change	-0.33
Today Daily Change %	-0.22
Today daily open	148.63

Trends
Daily SMA20	150.23
Daily SMA50	149.65
Daily SMA100	146.83
Daily SMA200	141.85

Levels
Previous Daily High	149.68
Previous Daily Low	148.54
Previous Weekly High	149.99
Previous Weekly Low	147.16
Previous Monthly High	151.72
Previous Monthly Low	147.32
Daily Fibonacci 38.2%	148.98
Daily Fibonacci 61.8%	149.24
Daily Pivot Point S1	148.22
Daily Pivot Point S2	147.82
Daily Pivot Point S3	147.09
Daily Pivot Point R1	149.36
Daily Pivot Point R2	150.08
Daily Pivot Point R3	150.49

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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