Today's main data release was the weekly jobless claims figures, which came out better than expected at 227K vs. 236K eyed, down from 232K the week before.
In response, the dollar extended its rebound, and the USD/JPY has turned positive on the day after yesterday's reversal.
In recent days the UJ has been pushing higher, thanks to a weakening JPY amid threats of tariffs from the US. But we have also seen some support for the dollar owing to expectations that the tariffs will prove inflationary and that could limit Fed rate cuts.
The UJ has been forming a few bullish price signals and now finds itself above the 21-day exponential average. Stops resting above those inverted hammer candles from yesterday and June 23 could be in trouble. Can we see price rally towards those liquidity pools?
Support at 146.00 held firm after a brief dip below it. Next support is around 145.00 then 144.25 and 144.00 thereafter.
By Fawad Razaqzada, market analyst with FOREX.com
In response, the dollar extended its rebound, and the USD/JPY has turned positive on the day after yesterday's reversal.
In recent days the UJ has been pushing higher, thanks to a weakening JPY amid threats of tariffs from the US. But we have also seen some support for the dollar owing to expectations that the tariffs will prove inflationary and that could limit Fed rate cuts.
The UJ has been forming a few bullish price signals and now finds itself above the 21-day exponential average. Stops resting above those inverted hammer candles from yesterday and June 23 could be in trouble. Can we see price rally towards those liquidity pools?
Support at 146.00 held firm after a brief dip below it. Next support is around 145.00 then 144.25 and 144.00 thereafter.
By Fawad Razaqzada, market analyst with FOREX.com
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.