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The USD/JPY pair dropped aggressively in the short term as the DXY plunged and the yen futures have managed to rebound. Technically, it has reached a downside target and now is fighting hard to rebound. Still, the pressure is high as the Dollar Index is strongly bearish after the US inflation data release.
Fundamentally, the yen received a helping hand from the Japanese Current Account which was reported at 1.37T above 1.05T expected, while the Economy Watchers Sentiment increased from 56.3 to 56.4 points, whereas specialists expected a potential drop to 56.2.
Tomorrow, the US is to release the PPI, Core PPI, and the Unemployment Claims. On Friday, the retail sales data could shake the price.
After reaching the first warning line (WL1), the pair was somehow expected to drop. USD/JPY is in a corrective phase which could be over here around the upper median line (UML). Also, the price is almost to reach the uptrend line which represents a dynamic support level.
It remains to see how it will react around the upper median line (UML). Registering only a false breakdown or developing a strong bullish pattern above it may signal that the correction is over and that the bulls could take the lead again.
The currency pair reached an important support level. A minor accumulation here and the uptrend line retest could bring new buying opportunities. In my opinion, only a valid breakdown below the uptrend line could invalidate the upside scenario and could announce a larger downside movement.
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