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NZDJPY Dips to 95.10: Bulls Buy the Pullback as Key 93.50 Support Keeps Uptrend Intact 
Chart - Courtesy Trading View
USD/JPY was trading 0.30% higher on the day at 147.88 at around 04:30 GMT.
Friday’s US inflation data suggests that there is room for the Fed to discuss easy rate hikes from December onwards.
Risk-negative headlines emanating from Russia and firmer yields keep support for the US dollar.
On the other side, concerns that the Fed might discuss slowing down on the rate hikes from December seem to challenge USD buyers.
Anxiety ahead of the Federal Open Market Committee (FOMC) meeting announcements and the US NFP jobs report for October (due Friday) keeps trading muted.
On the data front, data released earlier on Monday showed Japan’s Industrial Production fell in September for the first time in four months.
On an annual basis, Industrial Production has climbed to 9.8% in comparison to the consensus of 8.7%.
Further, Japan monthly and annual Retail Trade have accelerated to 1.1% and 4.5% vs. the projections of 0.6% and 4.1% respectively.
Despite solid Japan’s Retail Trade data, the yen remains under pressure amid BOJ’s continuation of a dovish stance.
Technical Analysis:
- USD/JPY is consolidating break above 21-EMA
- Price action is above cloud, Chikou span is biased higher
- The pair has retraced dip below 21-EMA with a dragonfly Doji formation
- 200H MA is immediate resistance on the intraday charts, break above will fuel further gains
Major Support Levels: 146.89 (21-EMA), 143.71 (55-EMA)
Major Resistance Levels: 148.37 (200H MA), 149
Summary: USD/JPY trades with a neutral bias with a bullish tilt. Weakness only below 21-EMA. Resumption of upside will see test of 150 level.
