Falling Japanese Sales
Christophe Chevalier April 24, 2020 8:08 AM
Japan is suffering from social distancing measures as Japanese Nationwide Department Sales fell 33.4%
As the other countries, Japan is suffering from social distancing measures as Japanese Nationwide Department Sales fell 33.4% on year in March, vs -12.2% the previous month. In Tokyo, Department Stores sales collapsed by 34.6%, vs -12.8% in February. Also, February Japanese All Industry Activity Index was released at -0.6%, vs -0.5% expected. It was at 0.8% in January.
From a technical point of view, USD/JPY stands above a strong horizontal support already hit twice in April at 107.00. Readers may therefore consider the potential for a new rebound above horizontal support at 107.00. The nearest resistance would be set at Apr. 6 top at 109.40 and a second one would be set at set at horizontal resistance at 110.20 in extension. Any break below 107.00 would lower the bullish potential and would lead to a consolidation towards 105.85.
Source: TradingView, GAIN Capital
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