The USD/JPY is strongly bullish as it could approach and hit fresh new highs. A temporary retreat could help us to catch new long opportunities. The USD could drag the pair higher if the Dollar Index makes a valid breakout through the 93.43 resistance. Our USD/JPY forecast notes that the pair has increased as much as 110.56 today, where it has found resistance again. Now it’s trading at 110.54 level. Technically, the bias remains bullish despite temporary retreats. The pair could only test the immediate support levels before jumping higher again. From the technical point of view, the USD/JPY pair has taken out, ignored, strong upside obstacles signalling an upside reversal. I believe that a temporary decline could help us to catch a new swing higher. Get FREE Forex Signals Now! 3 Free Forex Every Week – Full Technical Analysis In the early morning, Japan released the Flash Manufacturing PMI which dropped from 52.7 to 51.2 points below 52.5 expected announcing a slowdown in expansion. In addition, the National Core CPI rose by 0.0% as expected. Later today, FED Chair Powell Speaks may bring high volatility and high action. Also, the New Home Sales is expected to rise from 708K to 712K. This could be good for the US Dollar. You should know that the USD/JPY rallied in the short term only because the Japanese Yen was punished by the dovish BOJ. Also, the Nikkie stayed higher signalling weak JPY. The USD could take full control and lead the pair higher towards fresh new highs only if the Dollar Index jumps towards fresh new highs. USD/JPY Forecast: Technical Analysis The USD/JPY pair stayed near the upper median line (UML) and right under the sliding line (SL) indicating an imminent upside breakout. After retesting the weekly pivot point (109.75), the pair registered a sharp rally. The aggressive breakout through the sliding line (SL) and above the 110.08 former high announced strong buyers. It has also ignored the ascending pitchfork’s upper median line (uml) and now it stands above the weekly R1 (110.38) and beyond the 150% Fibonacci line of the ascending pitchfork. Stabilizing above these levels may signal further growth at least until the warning line wl1. The weekly R2 (110.80) and the 150% Fibonacci line of the descending pitchfork are seen as upside targets as well. A temporary decline towards the ascending pitchfork’s upper median line (uml) could bring new long opportunities. Looking to trade forex now? Invest at eToro! Trade Forex Now! 67% 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 Daily LookMajorsUSD JPY Forecast share Read Next Gold Weekly Forecast: Sellers to Dominate Under 1775, Awaits US Data Saqib Iqbal 1 year The USD/JPY is strongly bullish as it could approach and hit fresh new highs. A temporary retreat could help us to catch new long opportunities. The USD could drag the pair higher if the Dollar Index makes a valid breakout through the 93.43 resistance. Our USD/JPY forecast notes that the pair has increased as much as 110.56 today, where it has found resistance again. Now it’s trading at 110.54 level. Technically, the bias remains bullish despite temporary retreats. The pair could only test the immediate support levels before jumping higher again. From the technical point of view, the USD/JPY pair… 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.