JAPANESE YEN HIGHER AFTER POSITIVE ECONOMIC DATA RELEASES
The USDJPY pair has moved lower, as the Japanese Yen currency strengthens, after economic data showed that Japanese job demand has risen to it's strongest level in 40 years in April, with retail sales for the month also beating expectations, rising 3.2 percent from a year earlier.
The USDJPY pair had traded as low as 110.77 in the Asian session, breaching the former weekly low of 110.86, and is currently recovering losses towards the 110.90 region.
The short term trading sentiment behind the USDJPY is expected to remain weak today, with any pullback towards 111.05 and 111.22 resistance areas meeting selling pressures.
The pair remains vulnerable to further losses towards 110.20 whilst trading below the 111.22 level.
Medium term indicators suggest the pair is becoming bearish, with price increasingly moving away from 111.42 resistance area.
Further medium term losses towards 110.20 and 109.30 are expected whilst the USDJPY is comfortably trading below the 111 level.