The USD/JPY pair climbed as much as 143.47 today. Now, it has retreated a little and is located at 143.22 at the time of writing. Technically and fundamentally, the bias remains bullish despite temporary retreats.
In the short term, a temporary retreat was natural as the US reported poor data yesterday. Today, the JPY was weakened by the Monetary Base which came in worse than expected. On the other hand, the USD received a helping hand from the ADP Non-Farm Employment Change which came in better than expected. Tomorrow, the US is to release the ISM Services PMI and Unemployment Claims which represent high-impact events.
USD/JPY Accumulates More Bullish Energy!
As you can see on the H1 chart, the rate dropped a little but it has failed to reach the median line (ml) or to stay below the R1 (142.61), confirming strong upside pressure.
Technically, the former high of 143.54 represents a strong upside obstacle. Only failing to take out this resistance may announce a larger retreat in the short term.
USD/JPY Forecast!
Jumping and closing above 143.54 validates further growth and is seen as a bullish trading opportunity.
