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USD/JPY decreased again in the short term but the bias remains bullish after yesterday’s rejection from a confluence area. It’s traded at 108.98 trying to come back higher and to erase today’s losses.
Maybe the US Dollar will take the lead again if the US Unemployment Claims will continue to drop. The economic indicator is expected to drop from 473K to 453K in the last week. DXY’s growth in the short term could help USD/JPY to climb higher, even if the JP225 (Nikkei) remains bearish.
USD/JPY H4 Chart Technical Analysis!
USD/JPY failed again to stabilize above the weekly pivot (109.15) and now is retesting the descending pitchfork’s upside 50% Fibonacci line. The bias is still bullish as long as the rate stays above the uptrend line.
I’ve told you in yesterday’s video analysis “USD/JPY Confluence Area Trading” that, USD/JPY could develop a new swing higher if the confluence area rejects the price. You can see that the pair has reached the confluence area but it has closed far above it signaling strong demand.
Staying above the uptrend line and making a valid breakout above the upper median line (uml) could activate an upside movement. A new higher high could bring more buyers into the game.
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