USDJPY MAY CONTINUE WITH THE UPTREND
USDJPY Poised to Rise on Strong US Data and Rising Yields
Recent economic data out of the United States has been strong, with both ADP and ISM Services PMI coming in higher than expected. This has increased expectations that the Federal Reserve will be forced to tighten monetary policy more aggressively in the coming months.
The yield curve has also inverted more, with 2-year yields now at their highest point this decade. This is a sign that investors are expecting a slowdown in economic growth in the near future. However, it could also lead to a stronger US dollar, as investors seek out safe haven assets.
Technical analysis shows that USDJPY has broken out of a rising wedge pattern and is now trading above an important horizontal support level. This suggests that the pair is poised to continue its upward trend.
In addition, USDJPY has been in an uptrend for some time, which suggests that the current momentum is likely to continue. As the saying goes, "the trend is your friend."
Overall, the technical and fundamental factors suggest that USDJPY is likely to continue to rise in the near future. Traders who are looking to buy the pair should consider doing so at current levels.
Recent economic data out of the United States has been strong, with both ADP and ISM Services PMI coming in higher than expected. This has increased expectations that the Federal Reserve will be forced to tighten monetary policy more aggressively in the coming months.
The yield curve has also inverted more, with 2-year yields now at their highest point this decade. This is a sign that investors are expecting a slowdown in economic growth in the near future. However, it could also lead to a stronger US dollar, as investors seek out safe haven assets.
Technical analysis shows that USDJPY has broken out of a rising wedge pattern and is now trading above an important horizontal support level. This suggests that the pair is poised to continue its upward trend.
In addition, USDJPY has been in an uptrend for some time, which suggests that the current momentum is likely to continue. As the saying goes, "the trend is your friend."
Overall, the technical and fundamental factors suggest that USDJPY is likely to continue to rise in the near future. Traders who are looking to buy the pair should consider doing so at current levels.
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