USD/JPY decreased after failing to take out a major static resistance. It's traded at 110.87 below the 110.96 upside obstacle. Technically, the bias is still bullish, so the pair could try to ignore this resistance and resume its upwards movement.
Fundamentally, the Dollar stays higher even if the US data have disappointed today. The Unemployment Claims indicator was reported at 411K far above 382K expected, while the Durable Goods Orders, Core Durable Goods Orders, Goods Trade Balance, and the Prelim Wholesale Inventories have come in worse than expected.
The only positive thing was that the Final GDP remained steady at 6.4% as expected. Tomorrow, the US Revised UoM Consumer Sentiment, Personal Income, and the Personal Spending could bring life on USD/JPY.
USD/JPY Bulls In Control!
USD/JPY has found strong resistance around 110.96 static resistance and right above 111.00 psychological level. Also, it has failed to close above the 150% Fibonacci line of the descending pitchfork.
Making a valid breakout above 110.96 and stabilizing above the 111.00 level could really indicate a potential growth towards the up channel's resistance.
Forecast!
The bias is bullish, so we could look for new long entries. Jumping and closing above 111.11 high could activate more gains.
The material has been provided by InstaForex Company - www.instaforex.com