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The data out of Japan had limited impact. There is limited inflation. Cap spending was better but profits and sales were lower on the quarter (and vs. expectations). The employment picture remains tight.
Technically, the price has moved down a touch. If anything the price action looks a little like it wants to lean against the highs, but it might also fizzle.
If the price is to go lower, it has to stay below the 112.63. That was a ceiling area in the NY afternoon. It was broken earlier in the Asia-Pacific session but failed. ON the downside, the price needs to get and stay below the upper sloping trendline, and then look to breach the 100 are moving average and 200 bar moving average on the 5 minute chart (blue and green lines). That would open the door for a more bearish technical picture at least in the shorter term.
