USD/JPY ahead of US Retail Sales: Opportunity to buy the dips?
Today at 12:30 GMT we’ll have a key economic indicator from the United States, as the Retail Sales could bring some volatility to the markets, before the American session’s opening. Remind that August’s data came as weaker than expected, with a decline to -0.3%. For September’s release, market analysts are expecting an increase of 0.6% and a better-than-expected reading should help the greenback to recover the ground lost during Thursday’s session.
The technical analysis for USD/JPY at H1 chart is still bullish, despite the retracement seen from the highs made above the 104.00 handle. Now, we should expect that the 200 SMA acts as a dynamic support across the board, where the USD/JPY pair could get some momentum in order to resume the overall bullish structure. By the other hand, if we see a consolidation below the 103.38 level, then it can test the 102.84 level.