Japan’s Retail Trade Advanced Less-Than-Expected In February
For the 24 hours to 23:00 GMT, the USD rose 0.45% against the JPY and closed at 111.10.
In the Asian session, at GMT0300, the pair is trading at 111.22, with the USD trading 0.11% higher against the USD from yesterday’s close.
Overnight data revealed that Japan’s seasonally adjusted retail trade rose less-than-anticipated by 0.2% MoM in February, compared to a revised similar rise in the previous month. Markets were anticipating retail trade to rise 0.3%. On the contrary, the nation’s large retailer’s sales eased 2.7% in February, surpassing market expectations for a fall of 1.8% and following a drop of 1.1% in the prior month.
The pair is expected to find support at 110.48, and a fall through could take it to the next support level of 109.73. The pair is expected to find its first resistance at 111.64, and a rise through could take it to the next resistance level of 112.05.
The currency pair is trading above its 20 Hr and 50 Hr moving averages.