Today, we saw the final revision of Q1 GDP data for the US. The Census Bureau revised the annualized GDP growth rate to be 1.4% in Q1, up from the originally estimated 1.2%. Usually, this would mean the FOMC will have more reason to raise rates, but 1.2% to 1.4% is not really a big deal especially since this is still dealing with Q1 GDP. We are already seeing some subdued growth and inflation data in Q2. USD/JPY indeed was NOT inspired by this upwards revision. It instead retreated after testing a falling resistance.USD/JPY Daily Chart(click to enlarge)Resistance Holds:- As we can see on the daily chart, price has actually been testing the resistance for a couple of sessions before the 6/29 session.- So far, the resistance is holding, and USD/JPY remains in a sideways mode, with maybe some near-term bearish outlook.Downside; Central Pivot:- Looking at the 4H chart, we can see that price fell sharply after testing 113 and after the GDP revision was released.- The bearish engulfing candle sets up a bearish outlook at least in the very short-term.- I think the central pivot here will be important. The central pivot in this case is the 110.60-110.85 area. - We should monitor this area. If price holds above this area, preferably above 111, then there would be bullish bias, and I would anticipate a breakout above the triangle.- A break below 110.60 on the other hand reflects the status quo for the past 2, 3 months - directionless or sideways. -