•110.94 is providing support
•112.57 has switched to a resistance role following losses by USD/JPY
•Current range: 110.94 to 112.57
Further levels in both directions:
•Below: 110.94, 109.77 and 109.18
• Above: 112.57, 113.80, 114.83 and 115.90
USD/JPY ratio has posted slight gains in short positions. Currently, long positions have a majority (60%), indicative of trader bias towards USD/JPY reversing directions and moving upwards.
USD/JPY has recorded losses in the Tuesday session, erasing the gains from Monday. Currently, USD/JPY is trading at 112.20. On the economic front, Japanese numbers were mixed. Preliminary Industrial Production declined 0.8%, well off the estimate of +0.4%. This was the first decline in 8 months. Retail Sales improved to 1.0%, edging past the forecast of 0.9%. In the US, Preliminary GDP is expected at 2.1%. As well, CB Consumer Confidence is forecast to dip to 111.3 points. As well, President Donald Trump will address a joint session of Congress.