Retail sales are due out at 2350
The Japan retail sales are expected at 2350 GMT with:
- retail sales YoY 0.2% versus 1.3% last month
- retail sales MoM -0.3% versus 0.4% last month
- department store, supermarket sales YoY -0.6% versus -0.5% previously
The USDJPY is trading down about 7 pips on the day with lethargic trading. The current prices at 108.59. That is at the low of the day.
Technically, the 108.72 area was a swing low floor from July 9th that was broken on July 10. The rally last week stalled at swing highs at 108.745, and 108.736 before breaking and moving to a high at 108.823. The subsequent highs after that run higher stalled came in at 108.73.
A move above the 108.72/73 area (and staying above) is needed to give the buyers more control intraday.
If a corrective move lower is to be explored teh 38.2% at 108.523, the 50% retracement at 108.43, the swing high frmo July 16 at 108.338, and a lower trend line and 100 hour MA (blue line) at 108.306 are the next downside targets that if broken, would give sellers more control.
