USD/JPY rally could be over around 115.52 [Video]

Olimpiu Tuns Learn 2 Trade

The USD/JPY pair rallied in the short term as the USD was boosted by the DXY’s strong growth. On the other hand, the Japanese yen was weakened by the Japanese yen futures drop. The currency pair reached a strong resistance area, so we cannot exclude a potential retreat. Earlier, the US reported mixed data. The Advance GDP reported a 6.9% growth versus 5.3% expected, the Unemployment Claims indicator dropped from 290K to 260K matching expectations, while the Durable Goods Orders registered a 0.9% drop, more compared to 0.6% drop expected.

From the technical point of view, the USD/JPY ignored the descending pitchfork’s upper median line (UML) and now it challenges the ascending pitchfork’s median line (ml). 115.52 historical level represents an upside obstacle as well. False breakouts above the immediate upside obstacles may signal that the USD/JPY pair could develop a correction after its current leg higher. A valid breakout may signal an upside continuation.

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Author

Olimpiu Tuns

Learn 2 Trade

Olimpiu is a seasoned Market Analyst / Trader with 11 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks.

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