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The USD/JPY pair continues to move sideways in the short term. Still, the bullish bias remains intact, so further growth is natural despite temporary retreats. Technically, the price action signaled that the sell-off is over and that the buyers should take full control again.
Fundamentally, the US Factory Orders came in better than expected yesterday while the Japanese Average Cash Earnings came in worse than expected in the early morning. Earlier today, Fed Chair Powell's Testimony represented a high-impact event and shook the markets. As expected Jerome Powell confirmed that the FED could increase the pace of rate hikes, that's why the greenback has edged higher.
As you can see on the H1 chart, the instrument failed to reach the 135.25 range's support signaling upside pressure and exhausted sellers. Now, it challenges the median line (ml) of the ascending pitchfork, the R1 (136.85), and the 136.91 static resistance.
Failing to make a downside breakout from the current range signaled an upside breakout. Still, we need confirmation as the rate could retreat a little after its strong rally.
A valid breakout above 136.91, closing and stabilizing above this obstacle activates an upside continuation and is seen as a bullish signal.
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