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The USD/JPY pair is trading in the green at 149.16 at the time of writing and it seems determined to extend its growth. The price jumped higher as the Yen was weakened by the Japanese Yen Futures' sell-off. The greenback took the lead and drove the rate higher as the Dollar Index bounced back.
Fundamentally, the USD was boosted by the US economic figures today. The PPI reported a 0.5% growth compared to the 0.3% growth estimated, while Core PPI increased by 0.3% growth beating the 0.2% growth forecasted. Still, the FOMC Meeting Minutes could be decisive later today. Most likely it should bring high volatility and sharp movements later.
Tomorrow, the US is to release the inflation figures, while Japan publishes the Bank Lending, Core machinery Orders, and PPI data.
Technically, the USD/JPY pair found support at 148.25 and now it has jumped above the downtrend line and above the weekly pivot point of 148.88. Breaking through the confluence area formed at the intersection between these obstacles signaled a potential further growth.
Now, it is challenging the 149.09 former high which represents a static resistance. Still, in the short term, the rate could try to retest the broken levels.
A bullish closure above today's high of 149.18 activates more gains. This is seen as a buying opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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