FXStreet (Córdoba) - USD/JPY pulled back and posted new lows for the day at the beginning of the New York session, as the dollar weakened after data showed US retail sales barely grew in October.
US retail sales rose modestly by 0.1% in October, below the 0.3% increase expected, while excluding motor vehicles, sales were up 0.2%. Retail sales were unchanged in September, revised down from an initially reported 0.1% rise.
Separated data showed the producer price index, fell 0.4% in October, missing expectations of a 0.2% increase.
USD/JPY dropped to a fresh daily low of 122.43 as the knee-jerk reaction to data, but losses were contained. At time of writing, the pair is trading at 123.55, a few pips below pre data levels but virtually unchanged on the day.
USD/JPY levels to watch
As for technical levels, next supports could be found at 122.25 (10-day SMA), 121.71 (100-day SMA) and 121.24 (200-day SMA). On the flip side, next resistances are seen at 123.21 (Nov 12 high), 123.59 (Nov 9 high), 124.15 (Aug 24 high) and 124.50 (Aug 18 high).
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