• USD/JPY treads water amid a broadly softer US dollar and light trading.
  • The BOJ sticks to its easy policy stance in its Summary of Opinions.  
  • USD/JPY bulls remain hopeful while above 21 DMA and ahead of US ISM.

USD/JPY is consolidating the latest leg up from near 144.50, as the rebound remains capped below the 145.00 level amid a broadly softer US dollar and a mixed market mood.

Chinese, Australian and South Korean markets are closed, which leaves the major gyrating in familiar ranges amid thin liquidity. Investors also trade with caution ahead of the US ISM Manufacturing PMI release later this Monday. Although the main event risk this week remains the September month American jobs report.

In the meantime, the Fed and BOJ monetary policy divergence will continue to play out, with the US central bank highly likely to raise rates by 75 bps at its November meeting. Meanwhile, the BOJ must maintain current monetary easing until inflation stably exceeds 2%, the bank’s September meeting's Summary of Opinions stated.

Further, yen bulls struggle as confidence among Japan’s large manufacturers unexpectedly worsened for three straight quarters following the local currency’s rapid depreciation and deterioration in the global economic outlook.

From a short-term technical perspective, bulls keep their hopes high for a retest of the multi-decade highs of 145.90 so long as they hold above the bullish 21-Daily Moving Average (DMA).

That support is now aligned at 143.57. Ahead of that, buyers need a sustained move above the 145.00 level.

The 14-day Relative Strength Index (RSI) is pointing north above the midline, suggesting that there is more room to the upside.

On the downside, the immediate cushion is seen at the 144.00 mark, below which the 21 DMA could be threatened.

USD/JPY: Daily chart

USD/JPY: Additional technical levels

USD/JPY

Overview
Today last price 144.78
Today Daily Change 0.02
Today Daily Change % 0.01
Today daily open 144.74
 
Trends
Daily SMA20 143.51
Daily SMA50 138.84
Daily SMA100 136.2
Daily SMA200 127.97
 
Levels
Previous Daily High 144.81
Previous Daily Low 144.21
Previous Weekly High 144.9
Previous Weekly Low 143.25
Previous Monthly High 145.9
Previous Monthly Low 138.78
Daily Fibonacci 38.2% 144.58
Daily Fibonacci 61.8% 144.44
Daily Pivot Point S1 144.36
Daily Pivot Point S2 143.98
Daily Pivot Point S3 143.76
Daily Pivot Point R1 144.96
Daily Pivot Point R2 145.19
Daily Pivot Point R3 145.57

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD hovers around 0.6730 reverting its negative trend

AUD/USD hovers around 0.6730 reverting its negative trend

The AUD/USD pair bounced from a weekly low of 0.6668 and trades comfortably above the 0.6700 mark. Risk aversion did little to help the greenback as the focus remains on global economic growth and the looming Fed’s decision.

AUD/USD News

EUR/USD holds above 1.0500, lacks follow-through

EUR/USD holds above 1.0500, lacks follow-through

A risk-averse environment limited EUR/USD gains, but demand for the USD remains scarce. Buyers defending the 1.0500 area, hinting at potential higher highs in the near term.

EUR/USD News

Gold carves out a bullish scenario into key resistance

Gold carves out a bullish scenario into key resistance

Gold price is higher on the day having climbed from a low of $1,768.82 and reaching a high of $1,789.05 so far as the US Dollar tails off in the mid-afternoon session in the US.

Gold News

Ethereum price subject to volatility as Chainlink enables staking on the ETH network

Ethereum price subject to volatility as Chainlink enables staking on the ETH network

Ethereum price has investors dialing in as Network advancements are arousing speculation. Still, the technicals will need to show forth stronger signals to justify opening a long position.

Read more

What happens after the Fed reaches the terminal rate

What happens after the Fed reaches the terminal rate

The discrepancy starts to show. What will the Fed do? For now, the Fed is raising rates to stave off inflation, and are expected to level out at around 5.0%. 

Read more

Forex MAJORS

Cryptocurrencies

Signatures