The USD/JPY pair registered amazing growth in the short term as the Dollar Index rallied while the Japanese Yen Futures crashed. It was trading at 151.01 at the time of writing and was fighting hard to stay higher even if the rate had signaled exhausted buyers.
Fundamentally, the Japanese Economy Watchers Sentiment came in at 49.5 versus 50.1 expected, the Current Account was reported at 2.01T, while Bank Lending dropped from 2.9% to 2.8% as expected. On the other hand, the US Unemployment Claims was reported at 217K versus 218K expected.
USD/JPY Minor Range!
As you can see on the H1 chart, the rate escaped from the up channel pattern signaling exhausted buyers.
Now, it is trapped between 151.18 and 150.76. Escaping from this pattern could bring us new opportunities.
USD/JPY Forecast!
A new higher high, a bullish closure above 151.18 activates further growth and is seen as a long opportunity.
A new lower low, a bearish closure below 150.76 is seen as a selling signal.
