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USD/JPY is currently residing above the support area of 108.50-109.20 from where the price is expected to climb higher towards 110.50 in the coming days. In light of the recent downbeat economic reports from the US, JPY took advantage to gain momentum despite mixed economic readings.
Today, Japan's SPPI report was published unchanged as expected at 1.0% and BOJ Core CPI was also published unchanged at 0.5% which was expected to increase to 0.6%. Ahead of the upcoming Retail Sales, Unemployment Claims, and Unemployment Rate reports which are due later this week, the pair is set to trade with higher volatility.
On the other hand, today the US is due to release CB Consumer Confidence report which is expected to show a slight decrease to 127.6 from the previous figure of 128.0. Moreover, S&P C/S Composite 20 HPI report is going to be published which is expected to increase to 6.9% from the previous value of 6.8%, and Richmond Manufacturing Index report is expected to decrease to 15 from the previous figure of 16. Besides, FOMC official Bostic is going to speak about the Fed's intentions on monetary tightening.
As for the current scenario, the US could present reports with mixed readings today, though better-than-expected results are to encourage the US currency to gain momentum over JPY in the coming days. Nevertheless, the pair is likely to trade with higher volatility and correction as Japan is due to present a series of macroeconomic reports this week.
Now let us look at the technical view. The price is currently holding above the support area of 108.50-109.20 with a daily close. Though certain bearish pressure has been quite impulsive recently after rejecting off the 110.50 area, the price is currently expected to be retested. The trend is still bullish, so the price is logically expected to climb higher with a target towards 112.00 area. A daily close below 108.50 will only deviate the bullish bias, existing in the current market situation.
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