USD/JPY Fails to Pierce Resistance, but a Breakout Remains a Strong Possibility The hawkish pivot by the FOMC at the June meeting triggered a moderate rally in the US dollar, but follow-through buying appears to have waned as several central bankers have stressed the need for patience in withdrawing stimulus. As a result, USD/JPY has lacked directional conviction and failed to break above the 111,000 technical resistance area. Regardless of what has happened recently, the pair could make a big move in the coming days due to high-impact economic data on the calendar and month-end flows. While there are several key releases to watch for, the most important will be the June nonfarm payroll report (NFP), scheduled for Friday, just ahead of the Fourth of July Independence Day holiday. This year, Independence Day falls on a Sunday, so it will be observed on Monday, July 5, with markets closed on that day. As the long weekend approaches, trading activity is likely to thin out as investors take time off for a short
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