Fx News

USD/JPY Price Analysis: Ready to fly above 140.40 as upbeat US NFP accelerates hawkish Fed bets

USD/JPY has easily hooked up above a hundred and forty stimulated by means of upbeat US Employment data.
Friday’s upbeat US NFP records have accelerated the odds of extra activity charge hikes via the Fed.
USD/JPY has climbed lower back above the 50% Fibonacci retracement at 139.66.
The USD/JPY pair has shifted its public sale quite simply above the indispensable resistance of a hundred and forty in the Asian session. The essential is anticipated to prolong its features firmly as Friday’s upbeat United States Nonfarm Payrolls (NFP) statistics have accelerated the odds of extra hobby price hike bulletins by means of the Federal Reserve (Fed).

S&P500 futures are displaying some losses in the Asian session however settled the preceding week on a stable note, portraying a minor warning in the average risk-appetite mood. The US Dollar Index (DXY) is confidently balancing above 104.00 and is predicted to lengthen its upside trip after scrolling above the on the spot resistance of 104.20.

On the Japanese Yen front, traders are expecting that the Bank of Japan (BoJ) ought to tweak its Yield Curve Control (YCC) to maintain financial coverage expansionary.

USD/JPY has climbed returned above the 50% Fibonacci retracement (plotted from 21 October 2022 excessive at 151.94 to sixteen January 2023 low at 127.22) at 139.66. The asset has rebounded after discovering aid close to the 20-period (High-Low) Exponential Moving Average (EMA) band.

The Relative Strength Index (RSI) (14) is oscillating in the bullish vary of 60.00-80.00, indicating greater upside ahead.

Going forward, a smash above May 31 excessive at 140.42 will power the asset towards May 30 excessive at 140.93. A ruin above the latter will expose the asset to a clean six-month excessive of round 141.61, which is 23 November 2022 high.

On the flip side, a draw back pass beneath March eight excessive at 137.92 will drag the asset towards March two excessive at 137.10 accompanied through a 38.2% Fibo retracement at 136.81.

Related posts
Fx News

USD/CHF Price Analysis: Slides below 200-HMA but 0.9045 appears a tough nut to crack for bears

USD/CHF is facing selling pressure and has reached an intraday low of 0.9060, snapping a two-day…
Read more
Fx News

Natural Gas Price Analysis: XNG/USD recovers to $2.35 on softer US Dollar as US inflation looms

Natural Gas Price (XNG/USD) continues its rebound and is trading near the intraday high around…
Read more
Fx News

BoJ’s Wakatabe: The central bank communication would be very interesting

Bank of Japan (BoJ) policymaker Masazumi Wakatabe expressed his views in a Bloomberg TV interview on…
Read more
Become a Trendsetter
Sign up for Davenport’s Daily Digest and get the best of Davenport, tailored for you.

Leave a Reply

Your email address will not be published. Required fields are marked *