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Daily Analysis: USDJPY for July 1

USDJPY aiming for 121.50

Monday retail sales in Japan expanded by 1.7 % vs forecast of 1 % increase. Yen also strengthened due to Greece uncertainty and safe heaven flows.

Technically the pair reached weekly L5 which marks strong support and pullback towards POC could give us an opportunity to short it again. POC comes at 123.20-30 zone ( L3, 61.8, previous swing ) and it should provide shorting opportunities towards 121.50, next level if L5 breaks. For the pair to remain bearish 124.05 should hold as we have 2 trend line cross , and previous swing high as a resistance.

 

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