Technical Analysis of USD/JPY Pair
The USD/JPY pair is moving in an upward trend on the 4-hour timeframe. Prices rose from the 146.40 level, which represents a DVFG zone, and the corrective downtrend shifted to bullish after breaking above 147.00. Therefore, further gains are expected today, as the Japanese yen remains notably weak.
Key Economic News
The US dollar is awaiting June Durable Goods Orders data. A stronger-than-expected reading would bolster bets on economic strength and give the dollar a boost, while a weaker figure could weigh on the currency. Accordingly, USD/JPY is likely to react to these releases.
Liquidity Levels
Prices are expected to rise toward 148.40, then 149.20, and finally 149.90.
The bullish scenario would be invalidated if prices revisit the 146.40 level.
