HomeContributorsFundamental AnalysisJapan's Retail Trade Fell For The Fourth Straight Month In June

Japan’s Retail Trade Fell For The Fourth Straight Month In June

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.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
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