Japanese data for the week has started to arrive today but has limited impact on the Japanese yen.
The data has arrived as follows:
Japan May Retail Sales
- Retail Sales fall 12.3% year/year - govt.
Japanese retail sales shed 12.3% in May from a year earlier, compared with a median market forecast for an 11.6% decline, government data showed on Monday,
Reuters reported.
USD/JPY outlook
The yen is being pushed back against resistance on the data and is being monitored for a break-up structure within a phase of consolidation between 107.08 and 107.22 vs the greenback.
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USD/JPY drops to pick-up buyers at a 50% retracement to test critical 107.20 resistance
Description of The Retail Trade
The Retail Trade released by the Ministry of Economy, Trade and Industry captures the aggregate sales made through a business location (usually a store) in which the principal activity is the sale of merchandise and related services to the general public, for household or personal consumption. Consumer spending is a key important indicator for the Japanese economy. A high reading is positive for the JPY, while a low reading is negative.
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