Intraday bias for USD/JPY remains on the upside after the pair found support at 102.84. A northward correction pattern evolved from a trend line break of the deep fall from 105.00 to 102.84, which was caused by the effect of the December poor jobs from the U.S economy. Further rise is expected and a test of 105.00 psychology zone could be seen with MACD, RSI and Stochastic all indicating a strong bullish trend has emerged on the 1hour charts. A rejection pattern on the weekly support at 140.67 can also be visualized on the daily charts which signals the beginning of a fresh bullish run.
Moreover, a better-than-expected U.S. retail sales figure released on Tuesday January 14, 2014 sent the pair higher during U.S trading session as investors applauded the data and viewed last week’s disappointing December jobs report as glitch in an economy that remains on course to recovery.