USD/JPY outlook: Extended consolidation above trendline support to precede push towards key barriers
|USD/JPY
USDJPY edges lower on Friday as traders collect some profits ahead of the weekend but keeps overall bullish structure.
The pair is on track for another weekly gain and the second weekly close above 150 level, which will further boost positive sentiment and keep near-term focus on the upside.
Hawkish signals that the Fed is not in hurry to start cutting rates and overall positive US economic data, add to bullish outlook, along with weaker numbers from Japan’s economic indicators.
Markets shift focus to next week’s releases of Japan’s inflation report and US core PCE (Fed’s gauge for inflation) for fresh signals.
Meanwhile, prolonged consolidation may precede fresh push higher, with price action expected to hold above range floor / bull-trendline off 140.25 (149.68/52) and keep bulls intact.
Break of February’s peak at 150.88 to generate fresh bullish signal for extension towards key barriers at 151.90/94 (2023 2022 peaks) the highest in over three decades.
Res: 150.88; 151.00; 151.43; 151.90.
Sup: 150.30; 150.00; 149.52; 149.11.
Interested in USD/JPY technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.