Japan firms’ sales post largest year/year decline since first quarter of 2009, yen weaker 106.00, tested

A Ministry of Finance official has told Reuters that Japan firms’ sales post largest year/year decline in April-June since first quarter of 2009.

Japan April-June corporate capital spending posted the largest year/year decline since 11.5% drop in first-quarter of 2010 according to the official. 

Market implications

Meanwhile, USD/JPY has been testing the 106 figure, trading within a range of 105.81 and 106.03 in a bullish environment according to the hourly and 15-min time frames. 

More on that here: USD/JPY long trade set-up identified, eye break towards 106.20

1HR chart