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The USD/JPY pair rallied in the short term and now is located at 149.71 at the time of writing. You knew from my yesterday's analysis that the currency pair could develop a new leg higher after reaching 147.32.
The USD extended its short term growth after the FOMC Meeting Minutes. Today, the US reported mixed economic data. The Revised UoM Consumer Sentiment and Unemployment Claims came in better than expected, while Durable Goods Orders and Core Durable Goods Orders came in worse than expected. On Friday, the US manufacturing and services data should move the rate.
From the technical point of view, USD/JPY developed a strong leg higher after taking out the 147.83 immediate resistance.
Now, it has escaped from the down channel pattern signaling further growth. The former high of 149.99 stands as the first upside target.
Jumping and consolidating above 149.99 validates an upside continuation and could be seen as a new 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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