USD/JPY Upside Thrust?

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USD/JPY flirts with a support area, so, technically, the pair could give birth to upside momentum. Personally, I believe that the next few hours are crucial as the US is to release high impact data.

The US retails sales are expected to increase by 0.7% in September, versus 0.6% in August, while the Core Retail Sales could increase by 0.4%. The Industrial Production could register a 0.6% growth, the Capacity Utilization Rate could increase from 71.4% to 72.1%, while the Business Inventories could grow by 0.3%.

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Better than expected US data could send USD/JPY higher again after the current retreat. USD needs a bullish spark to be able to take the lead again. A disappointment today could weaken the dollar which could lose significant ground versus its rivals and not only against the Japanese Yen.

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The lower median line (lml) of the ascending pitchfork represents strong dynamic support, a critical downside obstacle, so false breakdown through it or a major bullish engulfing could suggest buying. A valid breakdown through the lower median line (lml) and under the S1 (105.18) signals a drop towards the 104.18 area.

  • USD/JPY Trading Tips

The US economic figures will bring high volatility, so maybe you should way away till the markets will calm down. As I’ve said, a false breakdown with great separation below the lower median line (lml) or a major bullish engulfing printed on this dynamic support should offer is a long opportunity. Also, a valid breakout above the PP (105.64) could signal upside continuation.

A valid breakdown below the lower median line (lml), drop, retest, and stabilization under it suggests selling. This scenario could be caused by poor US data.

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