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The USD/JPY pair edged higher and now is located at 139.88 above today's low of 139.02. The bias remains bullish despite temporary drops. Actually, after its strong upwards movement, a short-term retreat was natural.
Fundamentally, the JPY took a hit from the Japanese Leading Indicator which came in at 97.6% versus 98.3% expected. On the other hand, the USD received a helping hand from the US Trade Balance. The economic indicator came in at -74.6B versus -75.8B estimated. Also, the USD rallied after the BOC increased the Overnight Rate to 4.75% from 4.50%.
As you can see on the H1 chart, the rate dropped a little within a flag pattern. Now, it has jumped above the minor downtrend line and through the descending pitchfork's upper median line signaling that the retreat ended and that the buyers should take the lead.
It has registered only false breakdowns below the 139.24 former low confirming strong buyers.
A bullish closure above 139.99 former high represents a buying opportunity. The R1 (141.08) is seen as an upside target.
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