USD/JPY- Upward trend could continue

The USD/JPY has just broken its downward trend line on a 30 minute time frame. This means that the correction may be over and the price is ready to continue its upward trend The pair is also trading above the 50 day (shown in green) and near the 100 day (shown in yellow) moving averages which is a further confirmation that the bulls are ready to take the control. But, if the price fails to break this 100 day moving average then we could see the price visiting the minor support level mentioned below.

Technical Analysis

U.S-Non Farm Payroll data will dictate today’s trading

US markets closed lower for the 5th day in a consecutive session as traders have started to price in the fact, that the Fed maybe tapering soon, than initially thought. The evidence is in the recent data, which is almost consistently blowing pass the expectations, and yesterday’s GDP surprise jump to 3.6% was another evidence of this. The weekly jobless claims data released yesterday also came at a much better level than anticipated and this has reinforced fear among investor about early tapering.

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