$USDJPY chances of rising are strong Forex Trading
Enter your emailDespite the halt of the recent sharp gains of the USD/JPY currency pair, the general trend is still bullish, as last week’s gains reached the currency pair’s 129.40 resistance level, the highest in 20 years, and closed trading stable around the 128.53 level.
From the US, the S&P Global Manufacturing PMI for April beat expectations at 58.2 with a reading of 59.7. On the other hand, both the Services PMI and the Composite PMI missed estimates. Last Thursday, the Philadelphia Fed Manufacturing PMI returned a reading of 17 compared to expectations at a reading of 21.
The Bank of Japan is expected to forecast the fastest inflation in decades outside of tax-raising years, while maintaining an increasingly stimulus stance out of sync with the Fed and other major central banks. This indicates a slight short-term bullish momentum in the market sentiment. Therefore, the bulls will look to extend the current rally towards the resistance 128.732 or higher to the resistance 129.126. On the other hand, the bears will look to make profits at around 128.112 or lower at the 127,688 support.
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