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The USD/JPY pair crashed in the short term and now is located at 131.34 at the time of writing. After its strong growth, a temporary retreat was natural and expected. It could only try to test and retest the near-term support levels before turning to the upside again.
Today, the Japanese Leading Indicators and Average Cash Earnings came in better than expected, while Household Spending reported poor data. Tomorrow morning, the Japanese Current Account is expected at 1.25T versus 1.92T in the previous reporting period, while Bank Lending is forecasted to increase by 2.5%.
On the other hand, the US Trade Balance came in at -67.4B versus -68.5B expected but worse compared to the -61.0B in the previous reporting period. Later Powell's speech should really shake the markets again, so the sentiment could change in the short term.
The USD/JPY pair found strong resistance at 132.87 and now it has ignored the immediate downside obstacles. It's located below the median line (ml) but it has found some demand on the 131.11 key level.
Technically, closing the gap may announce a larger drop. Still, the rate could invalidate the breakdown below the median line (ml) and it could develop a new bullish momentum.
A bearish closure below 131.15, closing the gap up, activates more declines. This is seen as a bearish signal with a first downside target at the weekly pivot point of 130.54.
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