USDJPY Chart Technical Outlook might return to 155.80 if US PMI beats expectations
The US Dollar remains trading on a positive trend, unfazed by the stronger-than-expected inflation figures in Japan. These figures have increased expectations that the BoJ will hike interest rates in December.
On Thursday, Jobless Claims fell to their lowest levels in seven months, confirming that the labour market remains solid. If today’s PMIs beat expectations, they would cast further doubt about a Fed cut in December and give a fresh boost to the USD.
The technical picture shows the pair moving within a bullish channel. Resistances are 155.90 and 156.75. The channel bottom, at 154.00 is the immediate support, ahead of 153.45.
