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It’s been a one-way trip for USDJPY since the start of the month, but the pair has hit a wall at the 104.00 level and may need to retrace for a few days as profit-taking kicks in.
Tomorrow the market will get the marquee economic release of the week, as US Retail Sales hits the screen and traders will get a better sense of consumer spending. Sentiment has been up and wages are rising, but if spending remains tepid it could raise doubts about the planned rate hike in December.
USD/JPY ran into a triple top at the 104.00 level and yesterday’s reversal suggests that there may be a few more days of consolidation. Still, technically the pair looks sound as long as it doesn’t violate the 101.00 figure and any dip towards 102.00 is likely to be a buying opportunity.