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USD/JPY has decreased a little in the short term after reaching a strong resistance level. Still, the decline could be only temporary as the bias remains bullish. It could only test and retest the immediate support levels before jumping higher.
The Japanese Consumer Confidence and Housing Starts indicators have come in better thane expected, while the Prelim Industrial Production dropped more than expected.
The pair will be driven by US data today. The ADP Non-Farm Employment Change is expected to be around 555K below 978K reported in May. The Pending Home Sales could drop by 1.1%, while the Chicago PMI is expected to drop from 75.2 to 70.2.
USD/JPY has found strong resistance at the 110.96 level and now is traded lower at 110.49. The descending pitchfork's 150% Fibonacci line represents strong dynamic resistance as well.
It's located under the weekly pivot point (110.53) but the sellers seem exhausted. The 110.32 is seen as the next downside obstacle. Also, the upper median line (uml) and the uptrend line represent support levels.
Coming back above the pivot point and making a valid breakout above the 150% Fibonacci line, above the immediate dynamic resistance, could bring an upside continuation.
We could search for long opportunities as long as the rate stands above the mentioned support levels.
An important growth could be confirmed after a breakout above the 110.96 level.
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