ByJin Dao Tai
APR 28, 2021
Overall, USD/JPY is trending downwards. Recently, USD/JPY broke the resistance zone of 108.500.
Japanese banks will be closed today in observance of Showa Day. Lower trading volatility and volume is expected during the usual Japanese market session.
The Japanese Retail Sales y/y data (Actual: 5.2%, Forecast: 4.6%, Previous: -1.5%) released earlier today indicated a strong rebound in consumer spending.
Currently, USD/JPY is testing to break above the key level of 109. Its next support zone is at 108.500 and the next resistance zone is at 110.800.
Look for short-term buying opportunities of USD/JPY if it breaks above the key level of 109.
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