USD/JPY steadies above 103.50 ahead of US data

The USD/JPY bounced from a 4-week low and rose nearly 100 pips over the last sessions, following 2 days of losses in the wake of a surprisingly weak US employment report.

The USD/JPY recovered ground, supported by weak Japan’s current account data, and climbed to a high of 103.74 before losing steam. However, the pair retreated only a few pips and continues to trade near daily highs, presently at 103.55, recording a 0.6% gain on Tuesday. Up ahead, the US will release December’s retail sales and November’s business inventories.

USD/JPY technical perspective

“The recent low at 102.84 signals a reversal of the downtrend from 105.29 and current rebound should be considered corrective, preceding next slide through 102.45, en route to 101.60”, “Major resistance lies at 103.90 and I expect to cap the upside and to reinstate the bearish pressure”.

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