The USD/JPY pair has been trading with resilience, holding steady despite a series of mixed economic reports from the United States. The currency pair's behavior suggests a market that is currently weighing varied signals from economic indicators.
Technical Analysis:
USD/JPY is currently trying to break the significant resistance level at 148.70. The pair's break and retest of the 146.50 level, which has now turned into support, indicates a bullish trend. The ability of the pair to maintain above this converted support level is a positive signal, showcasing underlying strength in the U.S. dollar against the yen.
Given the Dollar Index's (DX) recovery, there is a expected upside for USD/JPY if it can surpass the 148.70 resistance convincingly. Such a breakout would suggest a potential move into a new bullish phase, with room to target higher resistance levels.
Market Context:
The U.S. market is currently digesting mixed economic data. everybody is waiting for today's unemployment claims in the US.
Our Position:
With a cautiously optimistic outlook, we are on the lookout for further buying opportunities, particularly if there is a clear breakout above the 148.70 resistance. The upcoming unemployment claims could serve as a catalyst for the next significant move. We are still holding some from 147.00. We are positioned to capitalize on this anticipated movement, aligning our strategy with the technical signals and upcoming fundamental events.
Technical Analysis:
USD/JPY is currently trying to break the significant resistance level at 148.70. The pair's break and retest of the 146.50 level, which has now turned into support, indicates a bullish trend. The ability of the pair to maintain above this converted support level is a positive signal, showcasing underlying strength in the U.S. dollar against the yen.
Given the Dollar Index's (DX) recovery, there is a expected upside for USD/JPY if it can surpass the 148.70 resistance convincingly. Such a breakout would suggest a potential move into a new bullish phase, with room to target higher resistance levels.
Market Context:
The U.S. market is currently digesting mixed economic data. everybody is waiting for today's unemployment claims in the US.
Our Position:
With a cautiously optimistic outlook, we are on the lookout for further buying opportunities, particularly if there is a clear breakout above the 148.70 resistance. The upcoming unemployment claims could serve as a catalyst for the next significant move. We are still holding some from 147.00. We are positioned to capitalize on this anticipated movement, aligning our strategy with the technical signals and upcoming fundamental events.