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12 Mar 2015
USD/JPY weighed by weak US retail sales
FXStreet (Córdoba) - The dollar weakened further on the day and fell to fresh lows versus the yen after data showed retail sales unexpectedly fell in February.
US retail sales dropped by 0.6% last month, missing by far expectations of a 0.3% increase. Meanwhile, excluding autos, sales fell by 0.1%, still down below the 0.5% rise expected. The dollar extended its pullback versus major competitors and dragged USD/JPY below 121.00 to a low of 120.68.
Separated data showed US jobless claims fell to 289K last week, below the 305K expected, which helped to temper USD weakness. At time of writing, USD/JPY is trading at 120.85, recording a 0.48% loss on the day.
USD/JPY supports & resistances
In terms of technical levels, immediate supports are seen at 120.68 (daily low) and 120.50 (200-hour SMA). On the other hand, resistances could be faced at 121.66 (daily high) and 122.02 (2015 high Mar 10).
US retail sales dropped by 0.6% last month, missing by far expectations of a 0.3% increase. Meanwhile, excluding autos, sales fell by 0.1%, still down below the 0.5% rise expected. The dollar extended its pullback versus major competitors and dragged USD/JPY below 121.00 to a low of 120.68.
Separated data showed US jobless claims fell to 289K last week, below the 305K expected, which helped to temper USD weakness. At time of writing, USD/JPY is trading at 120.85, recording a 0.48% loss on the day.
USD/JPY supports & resistances
In terms of technical levels, immediate supports are seen at 120.68 (daily low) and 120.50 (200-hour SMA). On the other hand, resistances could be faced at 121.66 (daily high) and 122.02 (2015 high Mar 10).