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Decline After the Publication of Macroeconomic Data from Japan

12/28/2022 10:28 AM

Against the stabilization of the American currency, the USD/JPY pair is correcting at 133.97.

The hope of investors for a positive impulse after the publication of macroeconomic statistics did not materialize, and the asset continued its local decline: the volume of retail sales in November fell to 2.6% from 4.4% earlier, while the same figure in large retail chains fell by 1.1% after rising 0.3% a month earlier. In turn, the unemployment rate again amounted to 2.5%, down from 2.6% previously, but the ratio of vacancies to the number of applicants remained unchanged at 1.35, although analysts expected an increase to 1.36. Inflation continues to pick up, with the core consumer price index reaching 2.9%, up from 2.7% a month earlier and the forecast of 2.8%.

The US dollar has a minimal impact on the dynamics of the trading instrument, as the currency has been holding around 104.000 in the USD Index since last week amid the absence of key macroeconomic news. However, data on pending sales in the housing market for November will be published today, where another reduction by 0.8% from 77.1 points in the previous period is expected.

On the daily chart, the trading instrument is moving in a local downward corridor, correcting in the direction of the resistance line.

Technical indicators maintain a weakening sell signal: fast EMAs on the Alligator indicator are slowly approaching the signal line, and the AO oscillator histogram is forming corrective bars below the transition level.

Resistance levels: 135.50, 139.50. | Support levels: 131.60, 126.50.

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