Sasha Singh
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USDJPY : Upbeat US Data Might Push the Pair Higher

USDJPY got some push from the upbeat unemployment claims report. According to the report in the week ending April 5, the seasonally adjusted initial claims decreased by 32K to 300K reaching the lows of May 2007. The 4 week moving average which is the better measure of labor market trends decreased 4750 to 316250. The seasonally adjusted insured unemployment rate was 2.1% for the week ending March 29, decreased .1% from the previous week’s unrevised rate of 2.2%.

On the hourly chart of USDJPY, the pair seems like trading within a falling wedge which gives a bullish signal. The pair tried to break the resistance trend line of the wedge but it is still testing the resistance. The report might provide some push to the pair, moving it towards upwards direction.

However if the pair goes up the pair will find the next resistance level at 102.16.