Sales in Japan declined in March while Consumer Confidence plummeted in April. The USD/JPY pair is technically bearish, and with scope to extend its decline, FXStreet’s Chief Analyst Valeria Bednarik briefs.
Key quotes
“Japan released March Retail Trade figures, which were down by 4.5% in the month and by 4.6% when compared to a year earlier. Meanwhile, April Consumer Confidence fell to 21.6 from 30.9 previously.”
“The US will publish today March Personal Income and Personal Expenditure figures, alongside core PCE inflation, seen at 1.6% from 1.8%. The country will also release Initial Jobless Claims for the week ended April 24, seen at 3500K.”
“The 4-hour chart shows that the 20 SMA maintains its downward slope above the current level providing intraday dynamic resistance. The main support is 106.10, with a steeper decline expected on a break below it.”
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