The USD/JPY pair has continued its upward trajectory following a slight correction below 136.50 during the Asian session. The focus now is on reclaiming Tuesday's high at 136.68, as the Japanese Yen struggles to gain strength despite positive Q1 Gross Domestic Product (GDP) figures.
While concerns about the US debt ceiling persist, the recent release of weaker-than-expected Chinese macroeconomic data has heightened fears of a recession and dampened investor appetite for riskier assets. However, despite these challenges, the overall fundamental landscape appears to favor bullish traders, indicating that the path of least resistance for the USD/JPY pair remains to the upside.
Looking ahead, the next significant resistance zone is expected around 138.000, which could serve as a crucial level for determining further price movements.
While concerns about the US debt ceiling persist, the recent release of weaker-than-expected Chinese macroeconomic data has heightened fears of a recession and dampened investor appetite for riskier assets. However, despite these challenges, the overall fundamental landscape appears to favor bullish traders, indicating that the path of least resistance for the USD/JPY pair remains to the upside.
Looking ahead, the next significant resistance zone is expected around 138.000, which could serve as a crucial level for determining further price movements.
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