- The bias is bullish, so further growth is possible.
- The US data should be decisive tomorrow.
- Only taking out the 151.00 psychological level activates a correction.
The USD/JPY price is trading in the green at 151.75 at the time of writing. The pair seems determined to reach new highs. Despite minor retreats or consolidations, the bias is bullish, so an upside continuation is on the cards.
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The price stays higher even though the US dollar slipped lower. Yesterday, the US reported mixed economic data. The ADP Non-Farm Employment Change came in better than expected. However, ISM Services PMI was disappointing, while Final Services PMI matched expectations.
Today, the US Unemployment Claims are expected to jump from 210K to 213K, which could be bad for the greenback, while the Trade Balance is expected to be -66.9B versus -67.4B in the previous reporting period.
Furthermore, the US Challenger Job Cuts and the Canadian Trade Balance data will also be released. Also, the FOMC Member Barkin and FOMC Member Mester speeches should have an impact.
The US dollar needs strong support to resume its growth. Tomorrow, the Japanese Leading Indicators and Household Spending should move the rate in the morning, but only the US economic data should be decisive.
The US will release the NFP, Average Hourly Earnings, and Unemployment Rate.
USD/JPY Price Technical Analysis: Intact Bullish Bias
From a technical point of view, the USD/JPY price stays right below the 151.90 – 151.94 resistance levels, so an imminent breakout is favored.
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The price moved sideways after failing to stabilize above the ascending pitchfork’s median line (ml). After the previous rally, an accumulation was widely expected.
The bias remains bullish as long as it stays above the 151.00 psychological level. Only dropping below this key downside obstacle activates a corrective phase. Taking out the 151.94, making a new higher high validates further growth.
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