The USD/JPY pair maintains a bullish bias as long as it stays above the uptrend line. Consolidating above the 23.6% level could bring new long opportunities. Breaking above the weekly pivot point could confirm an upside continuation. The USD/JPY price is trading at 122.84 at the time of writing. However, the price seems undecided as the Dollar Index retreated after its amazing rally, while the Japanese Yen Futures found temporary support. –Are you interested in learning more about AI trading brokers? Check our detailed guide- Technically, the bias is bullish, and the pair could extend its rally anytime if the DXY jumps higher and if the Yen Futures extend the sell-off. As you already know, the USD/JPY pair was in a corrective phase, and now it is trying to resume its upwards movement. Fundamentally, Japanese Household Spending rose by 1.1% in February versus 2.8% expected and 6.9% growth in January, while the Average Cash Earnings registered a 1.2% growth exceeding the 0.6% growth expected and the 1.1% growth registered in the previous reporting period. Unfortunately for the USD, the US economic data came in worse than expected earlier. The ISM Services PMI surged from 56.5 to 58.3 points, but it has failed to reach 58.6 estimates. In addition, the final Services PMI was reported at 58.0 points below 58.9 expected, while the Trade Balance came in at -89.2B versus -88.5B forecasts. Get FREE Forex Signals Now! USD/JPY price technical analysis: Uptrend continuation The USD/JPY pair retreated, but bears failed to reach the 38.2% (121.11) retracement level signaling strong buyers. However, it has managed to rise above the 23.6% (122.64) level, and it seems determined to come back higher towards 125.10 high. It challenges the weekly pivot point (122.97), representing a static resistance. Breaking above this level may confirm an upside continuation. –Are you interested in learning more about spread betting brokers? Check our detailed guide- Technically, strong buyers were announced after failing to reach and retest the uptrend line. In the short term, strong consolidation above the 23.6% level could help buyers catch more gains. The bullish bias remains intact as long as the rate stands above the uptrend line. Only a valid breakdown below this dynamic support could announce that the upwards movement is over and that the USD/JPY pair could develop a larger downwards movement. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next AUD/USD Forecast: Pares RBA-Led Gains, Supported by 0.7600 Level Saqib Iqbal 3 weeks The USD/JPY pair maintains a bullish bias as long as it stays above the uptrend line. Consolidating above the 23.6% level could bring new long opportunities. Breaking above the weekly pivot point could confirm an upside continuation. The USD/JPY price is trading at 122.84 at the time of writing. However, the price seems undecided as the Dollar Index retreated after its amazing rally, while the Japanese Yen Futures found temporary support. -Are you interested in learning more about AI trading brokers? Check our detailed guide- Technically, the bias is bullish, and the pair could extend its rally anytime if the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.