USD/JPY gains traction above 149.60 amid the renewed USD demand, US Retail Sales looms


  • USD/JPY attracts some buyers above the mid-149.00s on Tuesday.
  • US NY Empire State Manufacturing Index for October fell to 4.6 vs. a 1.9 rise prior, better than expected.
  • Japanese Finance Minister denied comment about currency intervention.
  • Traders will focus on the US Retail Sales, Industrial Production, and Fed speakers later on Tuesday.

The USD/JPY pair holds positive ground around 149.60 during the early European trading hours on Tuesday. A renewed US Dollar (USD) demand and a recovery in US treasury yields lend some support to the pair. Investors await the US Retail Sales data on Tuesday for fresh impetus. The monthly figure is expected to rise by 0.3% in September.

The dovish comments from the Federal Reserve (Fed) capped the upside of the USD/JPY pair on Tuesday. Chicago Fed President Austan Goolsbee maintained his dovish stance by saying that a fall in US inflation is not a bleep, while Philadelphia Fed President Patrick Harker said that in the absence of some turn in the data, the Fed should hold rates steady. However, traders will take more cues from the Fed speakers on Tuesday, which include Williams, Bowman, Barkin, and Kashkari, which might offer some hints about further monetary policy paths.

About the data, the US NY Empire State Manufacturing Index for October fell to 4.6 from a 1.9 rise in the previous reading, above the market estimation of a 7.0 decline. Last week, the US Consumer Price Index (CPI) annually and monthly for September came in at 3.7% and 0.4%, respectively. Both figures exceeded the market expectations.

On the JPY, Japanese Finance Minister Shunichi Suzuki denied to comment on Tuesday's statements about currency intervention by an International Monetary Fund (IMF) official. Suzuki went on to say that there was no need to go into detail about the factors that would

Looking ahead, market players will keep an eye on the US Retail Sales, Industrial Production, and Fed speakers later on Tuesday. On Wednesday, the Japanese trade data will be released, followed by the National Consumer Price Index (CPI) reports on Friday. These figures could give a clear direction to the USD/JPY pair.

USD/JPY

Overview
Today last price 149.59
Today Daily Change 0.08
Today Daily Change % 0.05
Today daily open 149.51
 
Trends
Daily SMA20 148.98
Daily SMA50 147.32
Daily SMA100 144.32
Daily SMA200 138.96
 
Levels
Previous Daily High 149.76
Previous Daily Low 149.36
Previous Weekly High 149.83
Previous Weekly Low 148.16
Previous Monthly High 149.71
Previous Monthly Low 144.44
Daily Fibonacci 38.2% 149.52
Daily Fibonacci 61.8% 149.61
Daily Pivot Point S1 149.33
Daily Pivot Point S2 149.14
Daily Pivot Point S3 148.93
Daily Pivot Point R1 149.73
Daily Pivot Point R2 149.95
Daily Pivot Point R3 150.13

 

 

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