USDJPY Approaches Psychological Level 150.00

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<p><strong>USDJPY</strong> moved noticeably higher in Monday’s trading [02/10], gaining +0.27% continuing its recent uptrend and inching closer to the psychological level of <strong>150.</strong> The <strong>JPN225</strong> recovered at the same time, taking back the <strong>32000</strong> mark. Investors’ enthusiastic reaction to the upbeat quarterly Tankan survey results, masking the less encouraging Manufacturing PMI data, was probably responsible for the overall risk-on mood.</p>
<p>Higher T-note yields on Monday were bearish for the Yen, which was also weakened by the <strong>BOJ’s action</strong> on Monday<strong> announcing plans for additional bond purchases </strong>of 5- to 10-year bonds for this week. The yen’s decline was contained after Japan’s Q3 Tankan large manufacturing business conditions rose more than expected, and after the 10-year JGB bond yield rose to a 10-year high of 0.78%, <span><strong>reinforcing the yen’s interest rate differential.</strong></span></p>
<p>Japan has had a lot of verbal interventions, but their effectiveness seems to be decreasing as market participants seem to be less and less interested in them. The sustainability of USDJPY’s current uptrend will be assessed after the non-farm payroll data which will pose some serious challenges to the Dollar.</p>
<p>Although USDJPY’s rise from <strong>127.20</strong> still looks strong, it can still be seen as the second stage of a corrective pattern from <strong>151.93.</strong> A rejection at <strong>151.93,</strong> followed by a break of the <strong>145.06</strong> support which was previously support would be the first sign that the third pattern has started. However, a sustained <strong>break</strong> of 151.93 would confirm the resumption of the long-term uptrend.</p>
<p><img decoding="async" class="aligncenter" src="https://charts.mql5.com/37/488/usdjpy-h4-hf-markets-sv.png" /></p>
<p><strong>USDJPY’s</strong> rally continued in today’s Asian session [03/10] with a break of <strong>149.69</strong> resistance and intraday bias back to the upside. The current upside from <strong>127.20</strong> could target a retest of the next high at <strong>151.93.</strong> On the downside, a break of the <strong>148.51</strong> support is required to indicate a short-term topping. Otherwise, the outlook remains bullish.</p>
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<p><strong>Ady Phangestu</strong></p>
<p><strong>Market Analyst – HF Educational Office – Indonesia</strong></p>
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