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The USD/JPY pair is trading lower at the time of writing being located at 113.42 far below yesterday's high of 113.77. In the short term, the pair seems undecided, it could extend its sideways movement. Only escaping from this range pattern between 113.70 and 112.69 could bring great trading opportunities.
Fundamentally, the Yen took a hit from the Japanese economic data. The Economy Watchers Sentiment was reported at 56.3 points below 57.3 expected, the Final GDP registered a 0.9% drop versus a 0.8% drop expected, while the Final GDP Price Index dropped by 1.2% more compared to 1.1% expected. In addition, the Bank Lending rose by 0.6% versus 0.7% expected.
The USD/JPY pair dropped a little after failing to stabilize above the median line (ML). As long as it stays under the median line and below the weekly R1 (113.63), the pair could slip lower.
Only jumping, closing, and stabilizing above the 113.70 and above the median line (ML), a new higher high, a bullish closure above the 113.77 yesterday's high could signal an upside continuation.
Staying near the upside obstacles and making a valid breakout above 113.77 yesterday's high could activate an upside continuation and could bring new long opportunities with a potential upside target at 114.69.
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