The USD/CAD currency pair on Thursday bounced off the trendline support at about 147.66 to trade at a new weekly high of 148.26. The currency pair continues to trade within an ascending channel formation in the 60-minute chart.

The pair has now advanced to trade a few levels above the 100-hour moving average line. As a result, the currency pair appears to be on the verge of entering overbought conditions of the 14-hour RSI.

USD/JPY Fundamentals Overview

From a fundamental perspective, the USD/JPY currency pair is trading at the back of a relatively busy period in the US market. On Thursday, the initial jobless claims for the week ending March 8 outperformed the expected claim count of 218k with a tally of 209k. The continuing claims for the preceding week also outshone the forecast of 1.9 million with a tally of 1.811 million.

The producer price index for February exceeded the (MoM) estimate of 0.3% with a change of 0.6%. The (YoY) equivalent also beat 1.1% with a change of 1.6%.

On the other hand, the producer price index ex-food and energy beat the (MoM) and (YoY) expectations of 0.2% and 1.9%, respectively with changes of 0.3% and 2%. Elsewhere, retail sales for February missed the estimate of 0.8% with a change of 0.6%, while the retail sales ex-autos fell short of 0.5% with a change of 0.3%.

In Japan, the producer price index for February beat the expected (MoM) change of 0.1% with a change of 0.2%. The (YoY) equivalent also outshone the estimate of 0.5% with a change of 0.6%.

USD/JPY Technical Analysis (the 60-min Chart)

Technically, the USD/JPY currency pair appears to be trading within an ascending channel formation in the 60-minute chart. The 14-hour RSI also seems to support a short-term bullish bias as it edges closer to overbought conditions.

Therefore, the bulls will be looking to extend the current gains towards 148.81 or higher to 149.32. On the other hand, the bears will look to pounce on potential pullbacks at about 147.66 or lower at 147.09.

USD/JPY Technical Analysis (the Daily Chart)

In the daily chart, the USD/JPY currency pair appears to have recently completed a downward breakout from an ascending channel formation. However, the 14-day RSI seems to have recently bounced back to avoid falling into oversold conditions.

Therefore, the bulls will be targeting extended rebounds at about 150.64 or higher at 152.96. On the other hand, the bears will look to pounce on profits at about 145.71 or lower at 143.39.