27.01.2023 03:28 PM
USD/JPY attracts more buyers ahead of new breakout

The currency pair continues to move somehow sideways in the short term. It's located at 129.91 at the time of writing and it seems undecided. Technically, the current range may signal that the rate tries to accumulate more bullish energy before developing a new leg higher. You knew from my previous analysis that the price action signaled exhausted sellers and that the bulls could take the lead again.

Fundamentally, the Tokyo Core CPI reported a 4.3% growth versus the 4.2% growth expected. Still, the US data could be decisive later today, the Core PCE Price Index could surge by 0.3% compared to the 0.2% growth in November. This represents a high-impact event, so you'll have to be careful. Better than expected data today should lift the greenback.

USD/JPY Consolidation!

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You already know from my previous article that the USD/PY pair could develop a new leg higher as long as it stays above the lower median line (lml) and above the weekly pivot point of 129.44.

Actually, the outside sliding line (sl) and 129.04 represent critical downside obstacles. Only a valid breakdown below 129.04 may announce more declines.

USD/JPY Forecast!

As I've said yesterday, a valid breakout through the 130.60 activates further growth and brings a new long opportunity.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2024
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