USDJPY In A Strong Uptrend

In the last trading session, we saw the USD/JPY exhibiting resilience, maintaining its position even amidst diverse economic data from the US. The pair's tenacity points to a market evaluating various economic indicators ahead of the this weeks’s economic reports.

Technical analysis: The USD/JPY created clear higher lows and highs, retesting each level while pushing to the upside. Price is currently retesting the 149.8 support as it is expected to hold that level and continue upwards. Although, today is a bank holiday in the US so we might not get much movement on Monday. Holding above the 149.80 level signals a robust USD against the JPY. With the DX on the rise, a clear bounce off of 149.80 could mark the beginning of a bullish phase for the pair, potentially exploring higher resistance levels. On the other side, if we break and close below that level, there is a high probability of the price sliding down to lower levels.

Our position: Awaiting the US unemployment claims report, we maintain a cautiously bullish stance and are prepared to pursue additional long positions if the pair holds the 1489.70 level convincingly. We are also waiting to take profits from our positions we got at the retest of 148.9.