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08.03.2023 01:40 PMThe USD/JPY pair rallied as expected. I've talked about this scenario in yesterday's analysis. DXY's strong growth and Yen Futures' drop forced the pair to approach and reach new highs. It has climbed as much as 137.43 today where it has found resistance and supply again.
The Japanese Yen took the lead even if the Japanese economic data came in mixed today. Economy Watchers Sentiment and Bank Lending came in better than expected, while Current Account and Leading Indicators reported worse than expected data.
Later, the fundamentals should move the rate. The US ADP Non-Farm Employment Change and JOLTS Job Openings represent high-impact metrics. In addition, the BOC should have an impact as well.
Technically, after its strong growth, a temporary retreat is natural. The rate could come back to test and retest the immediate support levels before jumping higher again. You knew from my previous analysis that taking out the 136.91 static resistance may announce further growth.
It has reached the weekly R2 (137.90) and now it has turned to the downside. It has registered only a false breakout and now it could test and retest 137.10 and the median line (ml).
The current retreat is natural. Testing and retesting the 137.10 - 136.91 zone and the median line (ml), registering false breakdowns could announce that the retreat ended and that the buyers should take the lead. This scenario is seen as a new buying opportunity as the bias remains bullish. Also, a new higher high, a bullish closure above 137.91 is seen as a bullish signal.
In my opinion, only dropping and stabilizing below the weekly R1 of 136.85 invalidates the upside continuation.
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