Following the latest data from the United States, dollar lost again, as the disappointing serie spurred by the first quarter did not stop even in April, showing non-increasing consumers’ appetite.
US Census Bureau published retail sales data for the month of April on Wednesday, showing unchanged gauge on monthly basis, while the ex auto indicators accelerated only 0.1%.
Such news motivated bears to sell again and the currency pair dropped back to ¥119 level yesterday. We remain bullish from a long-term perspective, but this cold start of 2015 hit the dollar markedly, feeding bears with series on disappointing data.
From the technical point of view, we can expect the pair to reach a support level at ¥118.52. If the bearish pressure continues on the grounds of data or rate-hike postponement speculation, we can see the dropping even further with a strong support level at ¥117.19. As for bullish hints, resistance is seen at ¥120.27, or later at ¥121.39.
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