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USD/JPY is trading at 107.22, right below the monthly Pivot Point (107.28) level, a valid breakout above this level will attract more buyers. The pair has decreased a little as the Nikkei and the USDX has decreased on the short term.
The Yen was punished today by the Japanese Retail Sales data, the economic indicator has dropped by 12.3%, more versus the -11.6% estimates. USD/JPY could jump higher if the US Retail Sales comes in as expected, or better.
USD/JPY has found strong resistance at the PP (107.28) level, has come back to retest the sliding line (SL1) of the descending pitchfork, and now it is almost to reach the pivot point again.
The pair has come back above the median line (ml) of the minor orange ascending pitchfork, so another higher and a valid breakout above the PP (107.28) will bring another buying opportunity with a first potential target at the upper median line (uml).
USD/JPY has managed to escape from the descending channel between the inside sliding parallel lines (SL, SL1), so a jump above the 107.44 will confirm a further growth. The upper median line (uml) of the minor ascending pitchfork could be used as a near-term target, while the R1 (108.57) represents a potential static resistance.
Technically, an upside movement could be invalidated only by a valid breakdown below the 106.47 and below the lower median line (lml).
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