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After rejecting off the resistance of 111.60 recently, USD/JPY is currently in a bearish run towards 108.50 support level. After a corrective structure yesterday, JPY has gained fresh momentum today amid the positive report on Average Cash Earnings at 0.5% which was expected to be at 0.3% and which previously was at 0.0%. The economic event had a major impact on the currency as growth in the disposable income will trigger bigger consumer spending, thus the economic recovery. On the other hand, today the US will present JOLTS Job Opening report which is expected to show a worse figure of 5.65M which previously was at 5.74M. Besides, IBD/TIPP Economic Optimism is expected to edge up to 51.6 from the previous value of 51.3. As the US economic reports to be published today are not crucial for increasing the volatility in this pair, a further decline of the pair is expected in the coming days. JPY is currently stronger fundamentally than USD as yesterday USD was affected by a series of negative economic reports like ISM Manufacturing Index at 56.9 which was expected to be at 57.1. So, there are higher chances of JPY to gain ground against USD in the coming days.
Now let us look at the technical chart. The price has currently showed a good amount of bearish impulsive pressure after Japan's Average Cash Earnings report published today. Currently, there are no support level or barriers to stop the price from hitting the 108.50 support level in the coming days. Price is expected to reach 108.50 recently as the bearish bias continues below the resistance area of 111.60- 112.20.
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