The USD/JPY pair is likely to continue trending lower unless there is a reversal in the upward trend of US unemployment. The currency pair is facing downward pressure due to the increasing number of jobless claims in the US. Traders are closely watching the labor market data as it plays a significant role in shaping market sentiment.
If the trend of rising unemployment in the US persists, it could weigh heavily on the USD/JPY pair. This is because a weaker labor market indicates a slowdown in the economy, which could lead to a decrease in demand for the US dollar. On the other hand, a reversal in the trend of rising unemployment could provide some support for the USD/JPY pair.
Overall, the outlook for the USD/JPY pair remains biased lower as long as the trend of increasing US unemployment continues. Traders should keep a close eye on the latest labor market data to gauge the direction of the currency pair in the coming days.