Forex
USD/JPY Rebounds Amid Expectations of 80K July US Nonfarm Payrolls
The US Dollar (USD) has started to rebound against the Japanese Yen (JPY), rising above the 156.50 resistance level after testing a low of 155.25.
On the technical analysis chart, the USD/JPY pair cleared a short-term contracting triangle with resistance at 158.00 on the 4-hour chart.
The next major resistance for the pair is near the 50% Fib retracement level at 159.60, which could lead to another steady increase if surpassed.
However, the pair is still below the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour), indicating a possible correction in the near future.