Japanese retail sales beat expectations

Japanese retail sales beat expectations

This morning, Japanese official data showed that June retail sales growth was +13.1% on month, much better than -3.0% expected. On year, retail sales stand at -1.2%, also better than -6.5% expected. Tomorrow, June Unemployment rate and June Industrial production will be published. 

From a technical point of view, on a daily chart, USD/JPY is capped by a declining trend line and stands below its 50-day moving average (in blue). Readers may therefore consider the potential for further weakness below horizontal resistance at 108.15 as the nearest support would be set at August 2019 bottom at 104.50 and a second one would be set at 102.40 in extension.

Source: TradingView, GAIN Capital

Related tags: Forex Forex JPY

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