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The USD/JPY pair retreated a little in the short term but the bias remains bullish. It's traded at 128.42 and it tries to come back higher. Technically, the price action developed an ascending channel. Registering a valid breakdown from this pattern may announce a corrective phase.
Today, the Japanese Flash Manufacturing PMI came in at 53.4 points above 53.3 expected but below 54.1 in the previous reporting period signaling a slowdown in expansion, while the National Core CPI rose by 0.8% matching expectations.
On the other hand, the US data came in mixed. The Flash Services PMI dropped unexpectedly from 58.0 to 54.7 below 58.0 estimates, while the Flash Manufacturing PMI increased unexpectedly from 58.8 to 59.7 points even if the traders expected a potential drop to 58.1.
USD/JPY is trapped within an up-channel pattern. It could resume its growth as long as it stays above the uptrend line. A new higher high, making a valid breakout above the 128.70 and through the channel's upside line could signal an upside continuation.
Staying below 128.70 and making a downside breakout from the chart formation could activate a larger downside movement.
Dropping below 127.73 could bring new selling opportunities. On the other hand, a new higher high, a valid breakout above 129.42 could announce an upside continuation.
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