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USD/JPY remains strongly bullish after failing to retest the uptrend line. The pair rallied as the US Dollar Index jumped higher after the US inflation data publication. The unexpected growth registered by the CPI and by the Core CPI has changed the sentiment.
USD rallied after those better than expected data. DXY’s further growth will push USD/JPY higher, even if the JP225 (Nikkei) drops further. The US Unemployment Claims will be released soon, better than expected data will help the USD to resume its appreciation.
USD/JPY H4 Chart Technical Analysis!
USDJPY found resistance again around 109.69 level. Now it has decreased a little trying to accumulate more bullish energy before jumping higher. The price failed to come back down to test and retest the R1 (109.38) signaling strong buyers.
A valid breakout above 109.69 and a new higher high could confirm further growth ahead. The bias is bullish as the pair is located far above the uptrend line.
USD/JPY is trapped between 109.69 and 108.43 levels. Still, the aggressive breakout above the minor downtrend line and through the R1 indicates more gains after the current minor decline.
USD/JPY could increase further if it stays above the R1 and if it makes a new higher high, after a valid breakout above 109.69.
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