USD/JPY under strong bullish pressure, 131.77 as resistance [Video]

The USD/JPY pair rallied after ending its temporary retreat and now is trading at 132.80. The price turned to the upside as the Dollar Index rebounded and the Yen Futures crashed. Fundamentally, the US ADP Non-Farm Employment Change is seen as a high-impact indicator today and is expected at 152K in December versus the 127K in the previous reporting period. Better than expected US data could lift the USD/JPY pair. 

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From the technical point of view, the USD/JPY challenges the median line (ml) of the ascending pitchfork and the 132.77 static resistance. A valid breakout may signal further growth. On the contrary, invalidating its breakout could announce a new sell-off.  


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