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The USD/JPY pair retreated a little in the last hours and now it stands at 129.90. After its upwards movement, a minor drop was natural. The price extended its rebound as the DXY jumped higher while the Yen Futures dropped.
Surprisingly or not, the USD lost some ground, even though the US Existing Home Sales indicator came in better than expected at 4.02M compared to 3.95M forecasts. On the other hand, the Japanese National Core CPI rose by 4.0% matching expectations.
Technically, the pair rallied after testing and retesting the ascending pitchfork's lower median line (lml). It has climbed as much as 130.60 today where it has found supply.
As long as it stays above the lower median line (lml), the rate could still approach and reach the median line (ml). Technically, the median line acts as a magnet and could attract the price. The 129.50 historical level stands as static support.
129.50 and the weekly pivot point of 129.39 represent support levels. Testing and retesting these levels may announce a new upside momentum. A new higher high, a bullish closure above 130.60 activates an upside continuation and brings a new buying signal.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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