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The pair continues to trade within the formation of an upward channel, indicating significant short-term upward momentum in market sentiment.

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Investors recently abandoned the Japanese yen due to a renewed COVID-19 outbreak in Japan and the country’s slow pace of vaccination, which is hampering Japan’s economic recovery. The pair settled around the 109.83 level earlier this week. The US dollar pairs are experiencing a critical trading problem this week as the US Department of Labor’s report on US job numbers is released.

The US dollar rose against the other major currencies on the back of strong economic data. The Fed’s favored inflation rate showed an acceleration in price growth, but not as strongly as investors feared. Core consumer price readings showed that price growth accelerated from 1.9% in March to 3.1% in April. While the price hike beat economists’ estimates, the jump did not appear to be serious enough to raise concerns about the Fed’s tightening of monetary policy indicated that it will not consider tightening until rates exceed 2% for “some time”.

On the other hand, US Department of Commerce data showed that the core US consumer spending index was up in April from the previous month up 0.7% after up 0.4% in March. As in the previous month, the PCE price index rose by 0.6% in April. Personal income fell 13.1% in April after rising 20.9% in March. Economists expected a 14.2% decline in personal income.

The University of Michigan US consumer sentiment score was slightly revised from 82.8 to 82.9 in May 2021, in line with market expectations. In general, the reading still indicates the lowest consumer confidence in 3 months.

The latest federal data shows that two-thirds of adults in New York state have received at least one dose of the COVID-19 vaccine. Meanwhile, the number of hospital patients nationwide has fallen to 1,143, Governor Andrew Cuomo said on Saturday. The total is the lowest since October 31st. According to data released Friday by the U.S. Centers for Disease Control and Prevention, around 46% of its 20 million residents are fully vaccinated. The national average is 40%.

With the US Memorial Day holidays, more and more US cities and states are abandoning existing COVID-19 restrictions as vaccination rates rise and infections fall. These are clear signs of progress that reflect increasingly positive health data. Overall, according to the latest information from the Centers for Disease Control and Prevention, around 50% of the US population have now received at least one dose of the COVID-19 vaccine. About 40% of the population is fully immunized.

In the short term, the USD / JPY currency pair appears to have fallen after performance on the hourly chart after a sharp rise recently. The pair continues to trade within the formation of an ascending channel, indicating significant near-term upside momentum in market sentiment. Accordingly, the bulls will attempt to ride the current bullish wave towards the 110.20 resistance or higher towards the 110.51 resistance. On the flip side, the bears are targeting pullbacks around the 109.52 support or lower at the 109.16 support.

In the long term, the USD / JPY appears within the formation of a sharp bullish, according to the performance on the daily chart Channel to act. The pair was nearing overbought levels ahead of the recent retreat. This suggests strong long-term upward momentum in market sentiment. Accordingly, the bulls seek long-term gains at resistance at 111.56 or higher at resistance at 113.56. On the flip side, the bears will attempt to plunge into a possible retreat of 107.70 or less at the 105.74 support.

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