USD/JPY: Japan’s retail trade fell for the fourth straight month in June


USDJPY Movement

For the 24 hours to 23:00 GMT, the USD declined 0.11% against the JPY and closed at 104.98.

In the Asian session, at GMT0300, the pair is trading at 105.05, with the USD trading 0.07% higher against the JPY from yesterday’s close.

Overnight data showed that Japan’s retail trade fell 1.2% on a yearly basis in June, driven by weaker spending and less than market forecast for a drop of 6.5%. In the previous month, retail trade had recorded a revised decline of 12.5%.

The pair is expected to find support at 104.81, and a fall through could take it to the next support level of 104.58. The pair is expected to find its first resistance at 105.24, and a rise through could take it to the next resistance level of 105.44.

Looking ahead, traders would keep a watch on Japan’s unemployment rate and industrial production, both for June, slated to release overnight.

The currency pair is showing convergence with its 20 Hr and 50 Hr moving averages.

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