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US Consumer Confidence Improving; USD/JPY Breaks 102

The Conference Board's Consumer Confidence index was released today.
May (current): 83.0
Forecast: 83.2
Previous: 81.7 (revised down from 82.3)


(source: forexfactory.com)

The reading extends a continuing trend of growth in consumer confidence since a low of 25 in 2009. 

The USD/JPY seems to like this news, pushing above 102.


However, there are still some key resistance factors just above. With the 1H oscillators approaching overbought conditions, it might be prudent to wait for a dip to buy on. Traders will be looking to fade this rally when price approaches some resistance factors you can see on the 4H chart - a falling trendline and a broken support trendline.


The next resistance is around 103. A break above 103 opens up a bullish continuation outlook, with 104.11, and the 2014-high near 105.40 in sight.