USD/JPY, H4 28 February 2024
The Japanese Yen experienced a boost from its positive CPI data released yesterday, although the
initial momentum has tapered, leaving the currency pair in a consolidation phase at recent highs. The
upcoming release of U.S. GDP data later today is highly anticipated, poised to be a significant
economic indicator that could steer the direction of the currency pair. Moreover, market participants
are also keenly awaiting the U.S. PCE reading, scheduled for Thursday, adding another layer of
anticipation to the week's economic calendar.
The pair has formed a higher high, and an ascending triangle price pattern suggests a potential
bullish trend for the pair. The RSI is hovering near the 50 level while the MACD declines to near the
zero line, suggesting the bullish momentum has drastically eased.
Resistance level: 151.85, 154.90
Support level: 149.50, 147.60
The Japanese Yen experienced a boost from its positive CPI data released yesterday, although the
initial momentum has tapered, leaving the currency pair in a consolidation phase at recent highs. The
upcoming release of U.S. GDP data later today is highly anticipated, poised to be a significant
economic indicator that could steer the direction of the currency pair. Moreover, market participants
are also keenly awaiting the U.S. PCE reading, scheduled for Thursday, adding another layer of
anticipation to the week's economic calendar.
The pair has formed a higher high, and an ascending triangle price pattern suggests a potential
bullish trend for the pair. The RSI is hovering near the 50 level while the MACD declines to near the
zero line, suggesting the bullish momentum has drastically eased.
Resistance level: 151.85, 154.90
Support level: 149.50, 147.60