Today, the key data for the USD was the durable goods data. Durable Goods Orders m/m (May): -1.8%Forecast: -0.6%Previous: -1.0% (revised from -0.5%)Core Durable Goods Orders m/m (May): 0.5%Forecast: 0.6%Previous: -0.2% (revised down from 0.5%)Total durable goods orders fell for the third month this year. Non-aircraft orders however did climb 0.5%, which shows some optimism in that companies are making capital investments. Also note the downwards revision to April's prints. Today's data was mainly disappointing with a slight silver lining.The USD/JPY fell at first after the weaker-than-expected release.USD/JPY 1H Chart 6/23 (click to enlarge) The 1h chart shows that the market started the week rallying from around 122.60. USD/JPY was developing a bullish outlook as it crossed the 200-, 100-, and 50-hour SMAs. However, as it tagged 124.18, the weak US data stalled this rally. Despite a couple hours of bearish reaction, the USD/JPY is still holding a bullish stance as it holds above the cluster of moving averages and a rising trendline. Also, the 1H RSI is still above 40, which reflects maintenance of this week's earlier bullish momentum. Now, if price falls below 123.50, the bullish outlook might be on hold. But it might take a break below 123.20 to revive the bearish outlook. USD/JPY 4H Chart 6/23(click to enlarge) The 4H chart gives us another perspective outside of the immediate, near-term mode. We can see price at the brink of breaking above a falling triangle resistance. A successful breakout would also put USD/JPY above the cluster of 200-, 100-, and 50-period SMAs. This would revive a bullish trend, and put the 125.65 high on the year in sight. Now, the downside is limited to 122.45-50 area for now. It will take a break below 122.45 to open up further bearish correction, with downside risk to 120.00. For now however, it looks like this market is indeed still bullish, and the durable goods data is not likely going to do major damage. Let's see if price can hold above 124.00 during the 6/24 session, which would confirm the bullish control.