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USD/JPY has been through long-term non-volatile bearish structure since the bounce off 114.50 resistance area and the bias is still said to be continuing downwards. Today USD had CB Consumer Confidence report which was published at 125.6. It was expected to be at 113.9. At the same time Goods Trade Balance was also positive at -64.8B which was expected to be at -66.6B and the Richmond Manufacturing Index was also positive at 22 which was expected to be at 16. Having several positive reports today, USD failed to dominate JPY whereas JPY did not have any crucial economic event to push the currency against USD. An upcoming event for USD is FOMC Member Kaplan's speech today which is expected to provide some volatility in the market but JPY seems to gain more despite any USD economic events.
Now let us look at the technical view, the price is just above the key level of 110.10-00 area and stalling above it. If any daily close below 110.00 is observed, then we are expecting a long downward run towards 105.50 support level without any corrective barriers. On the other hand, if the price manages to push up above 111.50 with a daily close we will change our bearish bias to bullish and target 114.50 as the upward resistance target.
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