US DOLLAR OUTLOOK: USD/JPY PRICE ACTION MIGHT STRENGTHEN AS RETAIL SALES, JOBLESS CLAIMS DATA TOPS FORECASTUSD/JPY worth motion would possibly ach
US DOLLAR OUTLOOK: USD/JPY PRICE ACTION MIGHT STRENGTHEN AS RETAIL SALES, JOBLESS CLAIMS DATA TOPS FORECAST
- USD/JPY worth motion would possibly achieve floor following sturdy financial information out of the US
- Retail gross sales spiked 9.2% greater final month whereas newest weekly jobless claims improved
- The US Greenback has had a comparatively muted response as far as Treasury yields transfer decrease
USD/JPY worth motion is gyrating this morning because the US Greenback searches for route following the most recent information dump crossing market wires simply now. US Greenback bulls curiously are struggling to maneuver the needle regardless of notably better-than-expected month-to-month retail gross sales and weekly jobless claims studies. The determine for headline retail gross sales exploded 9.8% greater month-over-month and sharply tops the market forecast searching for a 5.8% rise. Jobless claims had been additionally strong at 576,000 versus the consensus of 700,000. These sturdy numbers probably come on the coattails of covid stimulus checks coupled with an total profitable vaccine rollout and reopening of the US economic system.
Beneficial by Wealthy Dvorak
Introduction to Foreign exchange Information Buying and selling
USD/JPY PRICE CHART: 15-MINUTE TIME FRAME (14 APR TO 15 APR 2021)
Chart by @RichDvorakFX created utilizing TradingView
USD/JPY worth motion popped 18-pips within the fast aftermath of the information launch, however the main foreign money pair has since retraced many of the transfer. Lack of route for the US Greenback maybe corresponds with a dip throughout Treasury yields with the ten-year now buying and selling under 160-basis factors. However, on the heels of this morning’s sturdy financial information launch, USD/JPY bulls would possibly look to defend technical help across the 108.70-price stage and information the US Greenback greater. The US Greenback does face technical resistance, nevertheless, posed by the descending trendline prolonged by way of its current sequence of decrease highs. Reclaiming this impediment might show troublesome if Treasury yields stay beneath strain.
| Change in | Longs | Shorts | OI |
| Each day | -1% | 2% | 1% |
| Weekly | 13% | -13% | -3% |
Maintain Studying – US Greenback Outlook: DXY Index Tags 50-Day Easy Shifting Common
— Written by Wealthy Dvorak, Analyst for DailyFX.com
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