USD/JPY Back to 109.00 on Poor US Data
The upside in the greenback lost some momentum following US data, with USD/JPY returning to the 109.00 neighbourhood.
USD/JPY down from 109.40
The
pair has faded the spike to fresh 4-day highs near 109.40 in response
to disappointing results from today’s US calendar. In fact, Retail Sales
have contracted at a monthly pace of 0.3% during March, more than
initially forecasted; Core Sales have followed suit, up 0.2% vs. 0.4%
estimated.
Further data saw Producer Prices contracting 0.1% on a year to March and 0.1% MoM.
Next
on tap will be Business Inventories figures (-0.1% exp. in February)
seconded by the weekly report on crude oil inventories gauged by the
EIA.
USD/JPY levels to watch
As of
writing the pair is gaining 0.44% at 109.12 and a break above 111.10
(20-day sma) would expose 113.29 (55-day sma) and finally113.81 (high
Mar.29). On the flip side, the next support lines up at 107.65 (2016 low
Apr.12) followed by 105.18 (monthly low Oct.2014) and then 100.74
(monthly low Feb.4 2014).
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