USD/JPY surrenders gains after US retail sales

By FXstreet.com | Updated August 13, 2014 AAA

FXStreet (Córdoba) - The USD/JPY turned lower and pulled back from daily highs as the dollar weakened on the back of disappointing retail sales data.



US retail sales remained flat in July versus a 0.2% rise expected, while excluding autos sales grew just 0.1% falling short of expectations around +0.4%. The USD weakened broadly after data, giving up intraday gains versus the yen.



The USD/JPY slid back to the 102.30 region, where it presently trades virtually unchanged on the day, having retreated from a high of 102.50.



USD/JPY technical levels



As for technical levels, the pair could find immediate supports at 102.08/07 (Aug 12 low/100-day SMA), 102.01/00 (Aug 11 low/psychological level) and 101.50 (Aug 8 low). On the other hand, resistances are seen at 102.63 (Aug 6 high), 102.91 (Aug 5 high) and 103.00/01(psychological level/Aug 1 high).



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