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USD/JPY: Japan’s Retail Trade Fell In December

For the 24 hours to 23:00 GMT, the USD rose 0.48% against the JPY and closed at 115.03 on Friday.

In the Asian session, at GMT0400, the pair is trading at 114.39, with the USD trading 0.56% lower against the JPY from Friday’s close.

Overnight data showed that Japan’s seasonally adjusted retail trade eased more-than-expected by 1.7% MoM in December, compared to market expectations for a fall of 0.5% and following a gain of 0.2% in the preceding month. Further, the nation’s larger retailers’ sales declined 1.3% in December, higher than market consensus for a drop of 1.0% and after registering a fall of 0.3% in the preceding month.

The pair is expected to find support at 113.96, and a fall through could take it to the next support level of 113.54. The pair is expected to find its first resistance at 115.09, and a rise through could take it to the next resistance level of 115.80.

Moving ahead, investors will closely monitor Japan’s jobless rate and flash industrial production data, both for December, scheduled to release overnight.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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