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USD/JPY extends slide after dismal US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The US dollar was offered after the release of a dismal US retail sales report, pushing the USD/JPY to a fresh session low of 112.65 levels.

    January figure revised lower, weighs over USD

    Retail sales dropped 0.1% in February, but the actual print was slightly better than the estimated drop of 0.2%. However, the better-than-expected number failed to help the USD strengthen as previous month’s figure was revised lower to -0.4% from the initially reported figure of 0.2%.

    Meanwhile, the bid tone around JPY stays intact amid risk-off tone in the European equities and US index futures. The spot now trades around 112.70 levels.

    USD/JPY Technical levels

    The immediate hurdle is seen at 113.00 (zero figure), which if breached could see the spot test supply at 113.51 (previous day’s low) and 114.00 (previous day’s high). On the other hand, a breakdown of immediate support at 112.22 (Mar 9 low) would open doors for a drop to support at 111.77 (Feb 23 low) and 111.00 (zero figure).
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