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The USD/JPY pair is trading sideways in the short term. The price action developed a potential Head & Shoulders pattern. Still, the formation is far from being confirmed, so it's premature to talk about a larger drop.
Fundamentally, the Japanese economic data came in mixed today. Economy Watchers Sentiment was reported at 48.1 points, Final GDP dropped by 0.2% versus the 0.3% drop expected, Final GDP Price Index dropped only by 0.3% compared to the 0.5% drop estimated, Current Account came in worse than expected at -0.61T, while Bank Lending rose by 2.7% beating the 2.2% growth expected.
On the other hand, the US Unemployment Claims came in at 230K matching expectations above 226K in the previous reporting period. Tomorrow, the PPI, Core PPI, and the Prelim UoM Consumer Sentiment could really shake the markets.
Technically, as long as USD/JPY stays under the downtrend line, the bias remains bearish. 137.65 represents a static resistance. The price action developed a Head & Shoulders. The minor uptrend line represents the neckline while the weekly pivot point of 135.94 stands as critical support.
A new downside movement could be invalidated only by a valid breakout through the downtrend line.
A valid breakdown below the weekly pivot point (135.94) activates the reversal pattern and brings new selling opportunities. This scenario could announce a 164 pips sell-off.
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