#USDJPY @ 133.067 US dollar gains momentum after US retail sales data. (Pivot Orderbook analysis)

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• US dollar gains momentum after US retail sales data.
• Data comes in below expectations but triggers dollar’s correction.
• USD/JPY bounces almost a hundred pips.

The pair currently trades last at 133.067.

The previous day high was 133.39 while the previous day low was 132.02. The daily 38.2% Fib levels comes at 132.55, expected to provide support. Similarly, the daily 61.8% fib level is at 132.87, expected to provide support.

The USD/JPY rose sharply after the release of US economic data and climbed to 133.18, hitting a fresh daily high. The Greenback appreciated across the board despite a larger-than-expected slide in March Retail Sales.

Retail Sales drooped 1% in March, against the consensus of a 0.4% slide; following a 0.2% decline (revised from -0.4%) in February. Sales excluding autos fell by 0.8% in March, more than the decline expected of 0.3%.

The Import Price Index fell at an annualized rate of 4.6%, more than the 3.7% of market consensus, and the Export Price Index fell by 4.8%, more than the 4.2% slide expected.

The latest economic figures suggest some weakness in demand and also diminishing inflation pressures. However, the immediate reaction following US Retail Sales triggered a bullish correction of the US Dollar across the board. US yields rose sharply, probably amid expectations of even weaker-than-expected figures. Wall Street futures remain in positive ground. The Japanese Yen printed fresh lows versus its main rivals.

The USD/JPY initially dropped to 132.17 and then bounced almost a hundred pips in a few minutes. It is trading at 133.10, at daily highs. The next resistance level is seen on Thursday’s high at 133.40. On the flip side, now 132.80 is the immediate support.

Technical Levels: Supports and Resistances

USDJPY currently trading at 132.47 at the time of writing. Pair opened at 132.57 and is trading with a change of -0.08 % .

The pair is trading above its 20 Daily moving average @ 132.1, below its 50 Daily moving average @ 133.42 , below its 100 Daily moving average @ 133.19 and below its 200 Daily moving average @ 137.17

The previous day high was 133.39 while the previous day low was 132.02. The daily 38.2% Fib levels comes at 132.55, expected to provide support. Similarly, the daily 61.8% fib level is at 132.87, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 131.93, 131.29, 130.57
• Pivot resistance is noted at 133.3, 134.03, 134.67

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