The USD/JPY pair climbed as much as 146.74 today, registering a new high. Now, it has retreated and is trading at 146.45. The bias is bullish, so temporary retracements could bring new longs. After its impressive growth, a minor retreat was natural. It could test and retest the near-term support levels before jumping higher.
Tomorrow, the Japanese Unemployment Rate is expected to remain at 2.5%. On the other hand, the US JOLTS Job Openings could jump from 9.58M to 9.70M, Consumer Confidence may drop to 116.2 from 117.0 points, while S&P/CS Composite-20 HPI is expected to report a 1.5% drop. Better-than-expected US figures should help the greenback to dominate the currency market.
USD/JPY Accumulates More Buying Energy!
As you can see on the H1 chart, the rate escaped from a major flag pattern and now it looks to trade higher. Still, the upward movement was stopped. The rate registered only false breakouts above the 146.63 static resistance.
From the technical point of view, as long as it stays above 146.21 and above the broken downtrend line, the price could extend its growth.
USD/JPY Outlook!
Jumping and stabilizing above the median line (ml) and above 146.63, making a new higher high confirms further growth and brings new buying opportunities.
