14 Jul 2015
USD/JPY dips below 123.00 after US retail sales, import prices
FXStreet (Córdoba) - USD/JPY came under renewed pressure and hit fresh lows following the release of disappointing retail sales and import prices figures.
US retail sales fell 0.3% to a seasonally adjusted $442 billion in June, versus a rise of 0.3% expected, while figures for the prior two months were also revised down. Meanwhile, import prices decreased a seasonally adjusted 0.1% in June, against an increase of 0.1% anticipated.
The dollar weakened after the data and USD/JPY dipped below the 123 mark to a low of 122.98. At time of writing, the pair is trading at 123.03, recording a 0.31% loss on the day.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate supports at 122.46 (50-day SMA), 122.26 (Jul 13 low) and 122.00 (psychological level). On the flip side, resistances are seen at 123.72 (Jul 14 high),124.00 (psychological level) and 124.36 (Jun 24 high).
US retail sales fell 0.3% to a seasonally adjusted $442 billion in June, versus a rise of 0.3% expected, while figures for the prior two months were also revised down. Meanwhile, import prices decreased a seasonally adjusted 0.1% in June, against an increase of 0.1% anticipated.
The dollar weakened after the data and USD/JPY dipped below the 123 mark to a low of 122.98. At time of writing, the pair is trading at 123.03, recording a 0.31% loss on the day.
USD/JPY levels to watch
In terms of technical levels, USD/JPY could find immediate supports at 122.46 (50-day SMA), 122.26 (Jul 13 low) and 122.00 (psychological level). On the flip side, resistances are seen at 123.72 (Jul 14 high),124.00 (psychological level) and 124.36 (Jun 24 high).