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The USD/JPY pair drops like a rock at the time of writing. The pair has shown overbought signs and now it has escaped from an up channel. Technically, we need strong confirmation before going short on this currency pair.
The Bank of Japan maintained its BOJ Policy Rate unchanged at -0.10% as expected. Still, BOJ cuts GDP growth from 3.8% to 3.4%, also trimmed consumer inflation from 0.6% to 0%. You should be careful today as the volatility will be high. The United States is to release its Advance GDP which is expected to register a 2.6% growth versus 6.7% in the previous reporting period. The Advance GDP Price Index could report a 5.3% growth, the Unemployment Claims indicator is expected to remain steady at 290K, while the Pending Home Sales could register a 0.4% growth.
The USD/JPY found strong resistance at the up channel's upside line and now it has dropped below the uptrend line escaping from the pattern's body. The support stands at 113.41 and at the 23.6% retracement level.
In the short term, the USD/JPY pair increased and retested the weekly pivot point (113.85) level. Now it is almost to reach the 113.41 support again. Making a valid breakdown through this level could activate a larger corrective phase.
Making a new lower low, dropping, and closing below 113.39 yesterday's low could represent a short opportunity with a potential downside target at 38.2% (112.57) retracement level.
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