FXstreet.com (CÃ³rdoba) - The rise of the Yen against the Dollar during the American session eased in the last hours. USD/JPY fell to 94.10 and rebounded. Currently the pair is attempting to get back above 94.20 and is 0.05% below today's opening price.
The FastBrokers Research Team afirms: Japan will release more data tomorrow including Household Spending and the Tokyo Core CPI. Beforehand, the U.S. and Britain will release heavily-weighted data points of their own. We recognize multiple inflection points occurring in the USD/JPY, implying volatility could increase over the next 24-48 hours. Meanwhile, the USD/JPY continues to balance along our 1st tier uptrend and 2nd tier downtrend lines as bulls fight to get the currency pair back above its psychological 95 level. Broad-based appreciation of the Dollar continues to be the theme around the FX markets with sizable pullbacks occurring in both the GBP/USD and EUR/USD. The Dollar's overall strength is helping buoy the USD/JPY, and may result in nice pop tomorrow should the pattern continue with tons of economic data and heightened volatility. If the USD/JPY's upward momentum should carry it beyond 95, the currency pair will have to deal with our 3rd tier downtrend line next along with 7/31 highs.