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The USD/JPY pair retreated in the short term. The yen was strongly bullish today as the yen futures rallied. The price dropped despite the Dollar Index increasing as high as 96.23 level far above 95.51 today's low. In the last hours, the DXY retreated from today's high, so that USD was punished by this retreat.
Fundamentally, the Japanese Nation Core CPI registered a 0.1% growth matching expectations. On the other hand, Canada's retail sales data had a big impact on the Dollar Index. From the technical point of view, USD/JPY maintains a bullish bias as the price stands above an uptrend line.
After its failure to stabilize above 114.69 or reach 115.00 psychological level, USD/JPY signaled an overbought situation. As long as it stays above the uptrend line and above the weekly pivot 113.62, the pair could still resume its uptrend.
A strong bullish pattern here could bring new long opportunities. Only a valid breakdown below the uptrend line could invalidate an upside continuation and could bring new short opportunities.
Testing and retesting the uptrend line, registering only false breakdown through this obstacle could signal that USD/JPY could start increasing again. In the short term, the pair moves somehow sideways, so we don't have a great trading opportunity.
As long as the price stays above the uptrend line, we can't talk about a downside movement. Only a valid breakdown through this dynamic resistance may open the door for a larger drop.
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