USDJPY moves higher despite weaker retail sales
The US retail sales were weaker than expected, but the debt market seems to be ignoring the data. Yields have moved the near unchanged in the 10 year sector 1.2550%.the low yield traded down to 1.217% earlier.
Stocks meanwhile, remain under pressure with the S&P down -22 points, the Dow is now down 200 points and the NASDAQ index down around 90 points in premarket trading. HMMMM.
The USDJPY has moved up to an intraday high of 109.55. The move higher to the price back above a swing area between 109.35 and 109.39. Stay above that level, and the bias is more positive.
On the topside, the 100 day moving average comes in at 109.657. That will be eyed for bias clues as well. Move above is more bullish. Test and finds sellers and we could see a rotation back down on the successful test.
Industrial production and capacity utilization will be released at 9:15 AM ET.