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The USD/JPY pair dropped as much as 137.49 today where it has found support. Now, it has rebounded and it's trading at 138.77 at the time of writing. The bias remains bearish in the short term despite temporary rebounds.
The price action developed a down-channel pattern. Still, a new leg higher is far from being confirmed. Fundamentally, the Japanese economic data could bring some action in the early morning. Retail Sales could increase from 4.5% to 5.0% while Unemployment Rate could report a 2.5% growth.
On the other hand, the US CB Consumer Confidence represents a high-impact event and is expected at 100.0 points below 102.5 points expected. The US data could be decisive these days. Better-than-expected figures should force the greenback to dominate the currency market.
Technically, the rate found support on the 137.65 and now it has rebounded. The next upside target is represented by 139.59. The weekly pivot point of 139.81 and the downtrend line represent upside targets as well.
As long as it stays under the downtrend line, the USD/JPY pair could drop deeper. Still, moving sideways above 137.65 could attract more buyers before developing a new leg higher.
Staying above 137.65 and making a valid breakout through 139.59 and above the downtrend line could announce a leg higher and brings buying opportunities.
On the contrary, a valid breakdown below 137.65 and under the S1 (137.37) opens the door for more declines.
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