• The bias remains bullish as long as it stays above R2.
• A new higher high activates further growth.
• Failing to stay above the median line (ml) could reveal exhausted buyers.

The USD/JPY price changed slightly on Friday, wobbling near the 151.00 handle at the time of writing. The bias remains bullish, with a higher probability of continued growth. However, the prices may experience a correction amid profit-taking.

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The greenback dominated the currency market as the Dollar Index marked fresh weekly highs.

Yesterday, the Japanese Trade Balance and Flash Manufacturing PMI came in better than expected, while the National Core CPI aligned with expectations today.

On the other hand, the greenback remains bullish, even though the US reported mixed data. The Flash Services PMI came in at 51.7 versus 52.0 expected, confirming a slowdown in expansion. Flash Manufacturing PMI jumped from 52.2 to 52.5 points, above the 51.8 points expected, while Unemployment Claims came in at 210K in the last week, better compared to 212K in the previous reporting period.

Furthermore, the Existing Home Sales, CB Leading Index, Current Account, and Philly Fed Manufacturing Index also came in better than expected.

Today, the Canadian Retail Sales and Core Retail Sales came in better than expected and could help the greenback continue its appreciation despite minor drops.

Technically, the USD/JPY price jumped above the ascending pitchfork’s median line (ml) but failed again to stay above this dynamic resistance, signaling buyers’ exhaustion.

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The 151.90 and 151.94 represent static resistance levels. Still, the bias remains bullish as long as it stays above the 151.00 psychological level and the R2 of 150.89.

A new lower low may trigger more declines. On the contrary, taking out the median line (ml) and the 151.94 validates an upside continuation.

https://www.forexcrunch.com/blog/2024/03/22/usd-jpy-price-remains-strong-amid-upbeat-us-data/