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The USD/JPY pair rallied in the last hours and now is trading at 130.19 at the time of writing. It moves somehow sideways in the short term. The price action signaled that the downside movement could be over and that the buyers could take it higher again.
Fundamentally, the USD received a helping hand from the US data. You knew from my analyses that the USD could be decisive today. Advance GDP rose by 2.9% beating the 2.6% expected, Advance GDP Price Index surged by 3.5% exceeding the 3.2% growth forecasted, while Unemployment Claims came in at 186K far below 203K estimates. In addition, New Home Sales, Durable Goods Orders, Prelim Wholesale Inventories, and Core Durable Goods Orders came in better than expected.
Technically, the USD/JPY pair found support on the ascending pitchfork's lower median line (lml) and now it has rebounded. It has escaped from the minor flag pattern signaling a new bullish momentum.
The next upside target is represented by 130.60. It remains to see how it reacts around this upside obstacle. In my opinion, as long as it stays above the weekly pivot point of 129.44 and above the lower median line (lml), USD/JPY could develop a swing higher.
Jumping and closing above 130.60 indicates further growth and is seen as a bullish signal. The R1 (131.67) represents a potential target!
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