Sasha Singh
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USD/JPY : Consolidating Ahead of Labor Data

Japanese Yen strengthened against US dollar today ahead of the Labor data and Trade Data of US which is coming out at 8:30 AM EST. USDJPY on the hourly chart seems to be consolidating within an descending triangle and preparing itself to breakout from the support trend line continuing the downtrend. However the pair could also reverse the trend and move in the upward direction. The breakout now depends on the data, if it beats the expectation the pair will reverse the trend and break the resistance trend line of the triangle, however if the data fails to beat the expectations the pair will break the support trend line and continue its downtrend.