Chart - Courtesy Trading View
USD/JPY was trading 0.19% lower on the day at 10:13 GMT, outlook remains bullish.
The pair is consolidating previous session's gains, as markets await US Retail Sales and Michigan CSI data.
Higher CPI and PPI data released earlier this week have bolstered the odds of a 1% rate hike by the Federal Reserve (Fed) in its upcoming monetary policy meeting later this month.
Rising price pressures and advancing interest rates are strengthening the chances of recession and stoking the dollar's safe-haven bids.
US Retail Sales due later today is expected at 0.8% for June, higher than the prior release of -0.3%. While Michigan CSI is expected to remain subdued at 49.9, slightly lower than 50 in the prior month.
Technical indicators for the pair support a bullish bias. GMMA indicator shows major and minor trend are strongly bullish.
Major Support Levels:
S1: 137.85 (5-DMA)
S2: 136.28 (20-DMA)
Major Resistance Levels:
R1: 139.91 (Sept 98' high)
R2: 141.20 (Upper W BB)
Summary: USD/JPY was trading with a strong bullish bias. Scope for fresh multi-year highs above 140 handle.


FxWirePro: AUD/USD uptrend loses steam, remains on bearish path
FxWirePro: USD/CAD positions for another climb, eyes 1.4150 level
JPY Action Bias: USDJPY, EURJPY, and CADJPY Emerge as Top Extremely Bullish Picks
BTC, ETH, SOL, XRP, and BNB: Major Crypto Pairs Stay Neutral
NZDJPY Bullish Dip-Buy Setup: 93.60 Support Unlocks Path to 97
FxWirePro- Woodies pivot (Major)
AUDJPY Extends Four-Day Rally on Yen Weakness: Bullish Dip-Buy Eyes 117-118
AUDJPY Action Bias: Bullish Dip-Buy Setup Despite Flat Neutral Bias
FxWirePro: USD/ZAR retreats slightly but bias is bullish
FxWirePro: NZD/USD gains as U.S.-Iran peace hopes boost risk sentiment
JPY Action Bias: Bullish Pairs to Watch Out For
Major Pair Action Bias: Bullish Pairs to Watch Out For
Major Pairs Action Bias: USDCHF Emerges Extremely Bullish as EURUSD and GBPUSD Turn Deeply Bearish
FxWirePro: GBP/AUD bears maintain upper hand
FxWirePro: EUR/AUD neutral in the near term, scope for downward resumption
FxWirePro- Major Crypto levels and bias summary 



