28 Apr 2015
USD/JPY dips despite weak retail sales data
FXStreet (Mumbai) - The Japanese Yen is being bid higher, threatening to push the USD/JPY pair below 119.00 levels despite weak preliminary retail sales data in Japan.
Rejected at 119.18
The pair turned lower from the high of 119.18 levels even though the March preliminary retail sales data showed a drop of 9.7% year-on-year, compared to an expected drop of 7.3%. Moreover, a slight decline in the US stocks in the helped the Japanese Yen remain resilient to a weak domestic data.
Meanwhile the USD is also being sold across the board as the back-to-back string of weak data led investors to push back expectations on the timing of an initial rate hike by the Federal Reserve.
USD/JPY Technical Levels
The immediate support is located at 119.00, under which losses could be extended to 118.76. On the flip side, a rise above 119.21 (100-DMA), could push the pair higher to 119.61.
Rejected at 119.18
The pair turned lower from the high of 119.18 levels even though the March preliminary retail sales data showed a drop of 9.7% year-on-year, compared to an expected drop of 7.3%. Moreover, a slight decline in the US stocks in the helped the Japanese Yen remain resilient to a weak domestic data.
Meanwhile the USD is also being sold across the board as the back-to-back string of weak data led investors to push back expectations on the timing of an initial rate hike by the Federal Reserve.
USD/JPY Technical Levels
The immediate support is located at 119.00, under which losses could be extended to 118.76. On the flip side, a rise above 119.21 (100-DMA), could push the pair higher to 119.61.