USD/JPY: Yen jumps back on the bids amid a busy Tokyo

By FXStreet FXStreet (Mumbai) – The JPY bulls appear to find support amid upbeat Japan’s retail sales and BOJ Kuroda’s comments, driving USD/JPY away from the hourly 200-SMA and, thus making for a negative start to an eventful week ahead.

USD/JPY trades below hourly 200-SMA at 122.87

Currently, the USD/JPY pair trades modestly flat at 122.79, failing another attempt to extend towards 123 handle. The major halted its recent upbeat momentum after the Japanese yen fought back control on the release of better than expected retail sales data, as markets continue to digest the latest comments from BOJ Governor Kuroda.

Japan’s retail sales rebounded to 1.8% y/y in October, after slipping 0.1% in September. Markets expected a 0.9% rise last month. While on monthly basis, retail trades were up 1.1% in October, following a 0.7% increase in Sept.

Moreover, BOJ Kuroda’s optimistic comments on the Japan’s economy also offered some respite to the JPY bulls after Friday’s heavy battering. While markets shrugged off a weak Japan’s industrial production print as well as broad based US dollar strength backed by increasing Dec Fed rate hike bets.

Looking ahead, the week holds significant macro releases from the US, with the key NFP report on tap ahead …read more

Source:: FX Street