FX.co ★ USD/JPY: imminent breakout

The USD/JPY pair is trading in the green at 146.11 and it seems determined to approach and reach new highs. The price jumped higher as the DXY rallied while the Japanese Yen Futures dropped. The bias is bullish, so further growth is natural despite minor retreats.

Fundamentally, the US data came in mixed yesterday. Today, the Japanese SPPI reported a 1.7% growth versus 1.2% expected, while Tokyo Core CPI increased only by 2.8% less compared to the 2.9% growth forecasted.

As you already know from my analyses, the Jackson Hole Symposium should be decisive. The Fed Chair Powell Speaks, ECB President Lagarde Speaks, and the US Revised UoM Consumer Sentiment could bring shape movements in both directions.

USD/JPY Bullish Bias!

The USD/JPY pair rallied after retesting the ascending pitchfork's lower median line (lml). Now, it has taken out the 145.95 former high and it challenges the median line (ml). This represents a dynamic resistance.

After its amazing rally, we cannot exclude temporary retreats. Still, staying near the median line (ml) may announce an imminent breakout.

USD/JPY Forecast!

Jumping and closing above the median line (ml) and above 146.21 indicates further growth and is seen as a new buying opportunity.