USD/JPY Eyes Long Setup as Economic Data Looms

Today, there is a potential bullish impulse for USD/JPY as the price remains within an uptrend. The upcoming economic releases of the ADP Non-Farm Employment Change and Unemployment Claims could serve as catalysts for driving the price higher.

The ADP Non-Farm Employment Change data provides insights into the private sector job growth in the US, which can significantly impact the currency market. A positive reading indicating strong employment growth may bolster the US dollar, potentially pushing USD/JPY higher.

Additionally, the Unemployment Claims data offers information about the number of individuals filing for unemployment benefits. A lower number of claims suggests a healthier labor market, which could further support the bullish sentiment for USD/JPY.

Considering these factors, traders and investors are currently looking for a long setup, anticipating that the economic releases will provide a favorable environment for USD/JPY to continue its upward trajectory within the established uptrend.