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28.11.2023 03:28 PMThe currency pair dropped a little in the short term as the Dollar Index crashed while the Japanese Yen Futures rebounded. It's located at 148.64 at the time of writing and is fighting hard to come back higher.
Fundamentally, the Japanese BOJ Core CPI reported a 3.0% growth versus the 3.4% growth estimated. Though, only the US economic figures could move the rate. CB Consumer Confidence may drop to 101.0, HPI is expected to report a 0.4% growth, Richmond Manufacturing Index could be reported at 1 point, while S&P/CS Composite-20 HPI may announce a 4.0% growth. Positive US data could help USD to take full control again.
As you can see on the H1 chart, the rate dropped in the short term, developing a flag pattern. This is seen as a bullish formation.
The price escaped from this chart formation and now it has retested the broken downtrend line. It's trapped between the 148.82 static resistance and the 148.36 downside obstacle.
Staying above 148.36 and above the broken uptrend line and making a new higher high, a bullish closure above 148.82 activates further growth and is seen as a buying opportunity.
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