The weekly pivot point stopped the upside movement. The uptrend line represents a major downside target. The US reported mixed economic data today. The USD/JPY price returned to the downside, trading at 134.61 while writing. The fundamentals moved the markets today. In the short term, the currency pair also rallied because the US NFP, Unemployment Rate, and Average Hourly Earnings came in better than expected on Friday. –Are you interested in learning more about forex bonuses? Check our detailed guide- Also, the Japanese Yen took a hit from the Japanese economic data yesterday. The Household Spending and Average Cash Earnings came in worse than expected. Furthermore, the Leading Indicators indicator was reported at 97.5% versus 97.9% in the early morning. Still, the US inflation data was decisive earlier. The Consumer Price Index reported 0.4% growth matching expectations, while Core CPI rose by 0.4%, beating the 0.3% growth estimated. In addition, the CPI y/y came in at 4.9%, below the 5.0% estimates. Tomorrow, Japan will release Economy Watchers Sentiment, Current Account, Bank Lending, and BOJ Summary of Options data. On the other hand, the US is to release the PPI, Core PPI, and Unemployment Claims. The BOE could have a big impact on the financial markets as well. Get FREE Forex Signals Now! USD/JPY price technical analysis: Upside overshadowed USD/JPY price chart Technically, the currency pair rebounded after finding support at the 50% (133.72) retracement level. The bounce back has ended, and the price seems heavy again. –Are you interested in learning more about AI trading brokers? Check our detailed guide- The bullish momentum stalled by the weekly pivot point of 135.36. Stabilizing below the 38.2% (134.68) retracement level may announce more declines, at least towards the 50% retracement level and down to the uptrend line. We can see a significant fall only after taking out these support levels. Retesting the immediate support levels and registering only false breakdowns may announce that the sell-off is over. This scenario could announce a new bullish momentum. 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 GBP/USD Forecast: Dollar Rebounds, Investors Await BOE Saqib Iqbal 2 weeks The weekly pivot point stopped the upside movement. The uptrend line represents a major downside target. The US reported mixed economic data today. The USD/JPY price returned to the downside, trading at 134.61 while writing. The fundamentals moved the markets today. In the short term, the currency pair also rallied because the US NFP, Unemployment Rate, and Average Hourly Earnings came in better than expected on Friday. -Are you interested in learning more about forex bonuses? Check our detailed guide- Also, the Japanese Yen took a hit from the Japanese economic data yesterday. The Household Spending and Average Cash Earnings… Regulated 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.
