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The USD/JPY pair drops like a rock at the time of writing. It's located at 128.21 far below 129.77 yesterday's high. The price dropped as the Dollar Index was in a corrective phase while the Japanese Yen Futures rebounded.
Fundamentally, the JPY received a helping hand from the Japanese Prelim GDP which registered a 0.2% less versus a 0.4% drop estimated, while the Prelim GDP Price Index dropped only by 0.4% compared to the 1.0% drop forecasted. In addition, the Revised Industrial Production surged by 0.3% matching expectations.
As you already know, the US Housing Starts came in worse than expected, while the Building Permits came in better than expected.
From the technical point of view, the USD/JPY pair failed to stabilize above the 129.40 static resistance. You knew from my previous analyses that only a valid breakout above that level may signal further growth.
I've told you that, staying below 129.10 may signal a new sell-off. Now, it challenges the median line (ml) of the descending pitchfork which stands as a dynamic support. Staying above it may signal that the sell-off ended.
Failing to stay above 129.40 followed by a valid breakdown below the median line (ml) may signal more declines. Closing and staying below the median line (ml) could bring new selling opportunities with a potential target at 127.51 key level.
A great selling opportunity was signaled by the aggressive breakdown below the 129.00 psychological level.
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