USD/JPY extends gains for the second successive session, trading around 154.00 during the European hours. 
Unsplash The upward correction in the US Dollar (UUP) provides support for the US Dollar, consequently, underpinning the USD/JPY pair. However, the Greenback could face resistance due to investors’ optimism following the softer US labor data on Friday. This development has reignited hopes for potential interest rate cuts by the Federal Reserve (Fed) in 2024.According to Bloomberg, Richmond Federal Reserve (Fed) President Thomas Barkin said on Monday that elevated interest rates would likely restrain economic growth in the United States (US). Meanwhile, higher interest rates help to mitigate inflationary pressures, aligning them more closely with the central bank’s 2% target.Barkin also emphasized that the strong labor market offers the Federal Reserve an opportunity to confirm a sustained decline in inflation before considering adjustments to borrowing costs. However, he cautioned about the persistent inflationary pressures in the housing and services sectors, which pose a risk of sustaining elevated price levels.The US Dollar Index (DXY), which gauges the performance of the US Dollar (USD) against six major currencies, trades higher around 105.20. The weaker US Treasury yields contribute to limiting the advance of the US Dollar. 2-year and 10-year yields on US Treasury bonds stand at 4.80% and 4.45%, respectively, by the press time.In Japan, Masato Kanda, Japan’s top currency diplomat, hinted at potential measures to address excessive market fluctuations earlier on Tuesday. Last week, the Japanese Yen (FXY) experienced appreciation amid speculation of government intervention by Japanese authorities. Reuters reported data from the Bank of Japan (BoJ) indicating that Japanese authorities may have allocated around ¥6.0 trillion on April 29 and ¥3.66 trillion on May 1 to support the JPY.Masakazu Tokura, Chairman of KEIDANREN (Japan Business Federation), expressed that FX rates should reflect fundamentals in the medium to long term. Tokura stated uncertainty regarding whether authorities intervened but noted that if they did, the timing was opportune, as reported by forexlive.com. USD/JPY
| OVERVIEW |
| Today last price |
154.15 |
| Today Daily Change |
0.24 |
| Today Daily Change % |
0.16 |
| Today daily open |
153.91 |
| TRENDS |
| Daily SMA20 |
154.63 |
| Daily SMA50 |
151.99 |
| Daily SMA100 |
149.32 |
| Daily SMA200 |
148.48 |
| LEVELS |
| Previous Daily High |
154.01 |
| Previous Daily Low |
152.8 |
| Previous Weekly High |
160.32 |
| Previous Weekly Low |
151.86 |
| Previous Monthly High |
160.32 |
| Previous Monthly Low |
150.81 |
| Daily Fibonacci 38.2% |
153.55 |
| Daily Fibonacci 61.8% |
153.26 |
| Daily Pivot Point S1 |
153.14 |
| Daily Pivot Point S2 |
152.37 |
| Daily Pivot Point S3 |
151.93 |
| Daily Pivot Point R1 |
154.35 |
| Daily Pivot Point R2 |
154.78 |
| Daily Pivot Point R3 |
155.55 |
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