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The USD/JPY pair climbed as much as 139.38 today where it has found resistance. Now, it is traded at 138.92 at the time of writing. The price retreated slightly after the Dollar Index slipped lower while the Japanese Yen Futures rebounded.
The bias remains bullish, but a minor drop was natural after its amazing rally. Fundamentally, the Japanese Revised Industrial Production dropped by 7.5% versus 7.2% expected. In the short term, the USD could lose some ground after the Core PPI rose by only 0.4% versus 0.5% expected, while the Unemployment Claims indicator was reported at 244K compared to 235K expected.
Tomorrow, the US retail sales data could be decisive, the economic figures are seen as high-impact so the fundamentals could take the lead.
The USD/JPY pair retreated but the bias remains bullish as long as it stays above the 138.60 level, above the weekly R3 (138.59). It's trapped between 138.60 and 139.38 levels. Escaping from this range pattern could bring new opportunities.
Technically, the retreat could bring new long opportunities. Before resuming its growth, it could only test and retest the immediate downside obstacles.
Testing and retesting the 138.60, registering only false breakdowns below this level may announce a new bullish momentum. This scenario could bring new buying opportunities. An upside continuation could be activated by a valid breakout above 139.38.
Only a valid breakdown below 138.60 could announce a larger downside movement. This scenario could help the sellers to catch more declines.
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