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Forex pairs in this Article » USD/JPY (Chicago) - USD/JPY continues accumulating losses as bears outweigh bulls in the afternoon of the American trading session. The pair hit daily bottoms for the second time within a couple of hours and continues fluctuating at 99.23 lows.

Data recap

Earlier in the US, data published underperformed expectations with retail sales at 0.2% vs. at 0.4% and prior results at 0.4% also. Producer price indexes were 0.3% vs. past flat results and expectations at 0.2%. The Reuters/Michigan consumer sentiment index was 76.8 vs. expected 82.0 and past 82.1. In the afternoon of the American trading session, the pair prints higher lows after bouncing off 99.24, daily lows.

USD/JPY Technical Levels

Price action reveals the pair extends losses despite marking higher lows momentarily. At 99.23, session lows, the pair navigates between supports at 99 (key psychological), 98.58 (September 6th lows) ahead of 98.18 (August 16th highs) and resistances at 99.32 (September 3rd lows), 99.59 (September 8th lows), 99.86 (August 17th highs). According to the trend index, the pair is slightly bearish on one-hour timeframe analysis and oscillates below the EMA20. Losses account for 0.23% so far.
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