• Japanese yen among top performs on Thursday amid lower bond yields.
  • US Dollar still affected by the FOMC minutes.
  • USD/JPY is about to post the lowest daily close in almost three months.

The USD/JPY is hovering around 138.15/20, holding a bearish tone on the back of a weaker Dollar but also amid a stronger Japanese yen. The pair bottomed at 138.04, the lowest since November 15, before bouncing modestly to the upside.

As long as USD/JPY remains under 138.50, more losses seem likely. The immediate support is the 138.00 zone followed then by the November low at 137.65. The pair is on its way toward the lowest daily close since August 26, another bearish sign.  

Dollar under pressure

The US Dollar has been under pressure since Wednesday. The FOMC minutes added to the negative tone. Expectations that the Fed might slow the pace of interest rate hikes as soon as the next meeting, December 13/14 weighed on the Dollar and boosted Treasuries. The US 10-year yield fell to as low as 3.68%  approaching the monthly low. The DXY is falling by 0.35%, trading at 105.75, headed toward the lowest daily close since mid-August.

The decline in bond yields boosted the Japanese yen across the board. The currency is among the top performers on a quiet session. Wall Street is closed due to a holyday in the US (Thanksgiving Day).

No economic data is due in the US for the rest of the week. In Japan, on Friday, the Tokio Consumer Price Index will be released. It will be a shortened session in Wall Street that will resume normal activity on Monday.

Technical levels

USD/JPY

Overview
Today last price 138.26
Today Daily Change -1.23
Today Daily Change % -0.88
Today daily open 139.49
 
Trends
Daily SMA20 143.68
Daily SMA50 144.94
Daily SMA100 141.12
Daily SMA200 133.72
 
Levels
Previous Daily High 141.61
Previous Daily Low 139.17
Previous Weekly High 140.8
Previous Weekly Low 137.67
Previous Monthly High 151.94
Previous Monthly Low 143.53
Daily Fibonacci 38.2% 140.1
Daily Fibonacci 61.8% 140.68
Daily Pivot Point S1 138.57
Daily Pivot Point S2 137.64
Daily Pivot Point S3 136.12
Daily Pivot Point R1 141.01
Daily Pivot Point R2 142.54
Daily Pivot Point R3 143.46

 

 

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

EUR/USD recovers above 1.0400, looks to post weekly gains

EUR/USD recovers above 1.0400, looks to post weekly gains

EUR/USD regained its traction after dropping toward 1.0350 in the early American session and climbed above 1.0400. Trading conditions remain thin on Black Friday and the pair remains on track to end the week in positive territory.

EUR/USD News

GBP/USD recovers toward 1.2100 as US Dollar loses strength

GBP/USD recovers toward 1.2100 as US Dollar loses strength

GBP/USD managed to stage a recovery toward 1.2100 in the American session on Friday and now looks to register gains for the third straight week. The US Dollar struggles to preserve its strength as markets remain subdued on Black Friday. 

GBPUSD News

Gold steadies near $1,750 as US yields retreat

Gold steadies near $1,750 as US yields retreat

Gold price continues to move sideways at around $1,750 heading into the weekend. The benchmark 10-year US Treasury bond yield retreated from the daily high it touched above 3.75% earlier in the day, allowing XAU/USD to erase a portion of its daily losses.

Gold News

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read more

FX next week and yield curve inversions

FX next week and yield curve inversions

Since the Fed's last raise November 3, Fed Funds rate opens and closes at 3.83. The Fed Funds rate once traded freely on its own with highs and lows as any financial instrument. In 2000, Central banks implemented meetings every 6 weeks.

Read more

Forex MAJORS

Cryptocurrencies

Signatures