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The USD/JPY pair climbed as much as 119.39 level after ignoring the near-term resistance levels. It's traded at 119.21 at the time of writing. After its strong rally, we cannot exclude a minor drop. The rate could come back to test and retest the broken levels before extending its growth.
The pair edged higher as the DXY's rally boosted the USD, while the Japanese Yen Futures sell-off weakened the Yen. Also, the BOJ maintained its monetary policy unchanged, sustaining that more stimulus measures could be added if necessary. The BOJ Policy Rate remains at -0.10%.
In addition, the Tertiary Industry Activity came in better than expected, while the National Core CPI came in line with expectations. On the other hand, the US Existing Home Sales was reported at 6.02M below 6.10M expected, while the CB Leading Index rose by 0.3% matching expectations.
In the short term, after registering only a false breakout above the weekly R2 (119.02), the price retreated a little. It has retested the 118.45 former high which stands as static support. Now, it has passed above the R2, 119.12 former high, and above the descending pitchfork's upper median line (uml) signaling potential upside continuation.
After its rally, a temporary decline is natural. It could test and retest the mentioned levels before resuming its growth.
Stabilizing above the R2 (119.02), consolidation above the broken resistance levels could confirm further growth and could bring new long opportunities. An upside continuation could be invalidated if the rate fails to stay above the R2.
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