USD/JPY ahead CB Consumer Confidence: Risk to the downside prevails
Today at 14:00 GMT we'll know the U.S CB Consumer Confidence for July, where analysts are expecting a decline from 98.0 to 95.6 on this release. That should put an interesting short-term scenario on the US Dollar, as it has been rallying since last weeks. However, in the USD/JPY pair case, we have been seeing during Monday a Yen's strengthening against other currencies, such as the greenback, amid reports of further stimulus from Bank Of Japan.
Current technical picture for USD/JPY at H1 chart is showing a possible triangle pattern formation, as the current structure has been setting up as contractive. If CB's reading is weaker than expected, then we can see further declines toward the 104.80 price zone, while a positive data can push the pair higher towards the 106.66 level, where it could also attempt to break the triangle and the bullish bias can strengthen on a short-term basis.