USD/JPY Price Analysis: Sellers remain hopeful until crossing 115.45

USD/JPY holds onto previous week’s losses, stays pressured around intraday low of late.
MACD conditions signal slow grind to the north but 50-SMA, weekly resistance line challenge buyers.
Monthly support line restricts immediate downside, Fibonacci retracements add to the trading filters.

Anil Panchal FXStreet

USD/JPY struggles to regain 115.00, down 0.13% intraday near 114.95 by the press time, despite the recent risk-on mood during Monday’s Asian session.

In doing so, the yen pair extends pullback from the 38.2% Fibonacci retracement (Fibo.) of January-February upside and the 100-SMA.

However, an upward sloping trend line from February 02, close to 114.80 at the latest, restricts the quote’s immediate declines.

Following that, the 50% and 61.8% Fibo. levels, respectively around 114.90 and 114.55, will challenge the USD/JPY bears before directing them to the monthly low of 114.15.

On the flip side, the aforementioned SMA and Fibonacci retracement confluence near 115.25 precede the previous support line from late January, around 115.40, challenges the short-term USD/JPY buyers.

However, a convergence of 50-SMA and a descending trend line from February 10, close to 115.45, will be a tough nut to crack for the bulls.

It’s worth mentioning that the MACD conditions have recently favored the bulls but confirmation is necessary.

USD/JPY: Four-hour chart

Trend: Further declines expected

Additional important levels

Overview
Today last price	114.94
Today Daily Change	-0.15
Today Daily Change %	-0.13%
Today daily open	115.09

Trends
Daily SMA20	115.08
Daily SMA50	114.79
Daily SMA100	114.2
Daily SMA200	112.1

Levels
Previous Daily High	115.3
Previous Daily Low	114.79
Previous Weekly High	115.88
Previous Weekly Low	114.79
Previous Monthly High	116.35
Previous Monthly Low	113.47
Daily Fibonacci 38.2%	115.1
Daily Fibonacci 61.8%	114.98
Daily Pivot Point S1	114.82
Daily Pivot Point S2	114.55
Daily Pivot Point S3	114.31
Daily Pivot Point R1	115.33
Daily Pivot Point R2	115.57
Daily Pivot Point R3	115.83

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

AUD/USD flatlines near 0.6965 as less hawkish RBA counters USD weakness

AUD/USD holds steady above a two-week low, trading near 0.6965 in the Asian session on Wednesday as early midterm election results heighten political uncertainty and weigh heavily on the US Dollar. Moreover, reviving safe-haven demand triggers a fresh leg down in US bond yields, offsetting Fed hike bets and exerting additional pressure on the buck. However, a less hawkish RBA caps the Aussie.

USD/JPY declines below 158.00 as USD weakens on midterm election results

USD/JPY comes under heavy selling pressure on Wednesday, dropping below 158.00 during the Asian session as the US Dollar slumps to a one-month low amid heightened political uncertainty after early US midterm vote counts. Moreover, the prospect of gridlock in Washington drives safe-haven flows, triggering a fresh leg down in US bond yields and further weighing on the buck.

Gold continues scaling new weekly highs; eyes $4,050 as US sticks to elections-led losses

Gold builds on its strong intraday move up, hitting a series of new weekly tops, and climbing back close to the $4,050 level during the first half of the European session amid a broadly weaker US Dollar. Democrats’ wins in the House and Senate raise the prospect of gridlock in Washington. Moreover, heightened political uncertainty drove investors to safe-haven assets, exerting some downward pressure on US bond yields. This is seen weighing on the Greenback and supporting the precious metal.

Crypto Today: Bitcoin, Ethereum, XRP extend advance as US Dollar slides on Democrats' US midterm victory

Bitcoin trades above $78,000 on Wednesday as risk-on sentiment improves in the broader cryptocurrency market. Ethereum mirrors BTC’s recovery outlook, hovering above $2,300. Ripple similarly exchanges hands above $1.28, marking two consecutive days of gains.

ADP Employment Report expected to show slower job growth in October

The Automatic Data Processing Research Institute is due to release October’s private-sector employment report on Wednesday. The market consensus anticipates a moderate slowdown in job creation, with the ADP Employment Change expected to show 69K new private jobs in October, down from 90K in September.

The 2% inflation target came from a throwaway remark. It now moves trillions

The Federal Reserve's 2% inflation goal grew out of an off-the-cuff remark by a New Zealand politician in 1988. Bond investors still price long-term US debt as if 2% holds, so a change in how the Fed measures inflation would move markets.