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FX.co ★ USD/JPY bullish above 130.00 pychological level

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Forex Analysis:::2022-05-10T19:43:24

USD/JPY bullish above 130.00 pychological level

The USD/JPY pair is trading in the green at 130.33 at the time of writing. The price found support and now it tries to come back higher. The bias remains bullish despite temporary drops. The Dollar Index is bullish, further growth could boost the USD. On the other hand, the Japanese Yen Futures rebounded in the short term, that's why the Yen appreciated a little.

Fundamentally, the Japanese Household Spending dropped by 2.3% less versus 3.2% expected. Tomorrow, the US data could be decisive. As you already know, the US inflation data could really shake the markets. Anything could happen after the CPI and Core CPI publication. The Consumer Price Index is expected to report a 0.2% growth in April versus 1.2% in March.

USD/JPY Correction Seems Over!

USD/JPY bullish above 130.00 pychological level

From the technical point of view, USD/JPY found resistance at 131.25 former high. It has retreated a little but the correction seems over after failing to stabilize below the weekly pivot point of 129.98 and under the 50% (129.98).

The bias is bullish as long as it stays above the 130.00 psychological level. The temporary correction could help the buyers to catch a new upwards movement.

USD/JPY Prediction!

Jumping and stabilizing above 23.6% (130.69) and above the upper median line (uml) may signal further growth at least towards 131.25. The upside scenario could be invalidated by a valid breakdown below 130.00.

Analyst InstaForex
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