FxWirePro: USD/JPY edges below 102 handle, weak Chinese imports data weighs
USD/JPY edges lower from session high at 102.25 after the release of the Chinese trade report, which revealed that the country’s imports slumped sharply last month. China Imports CNY (Y/Y) for July dropped -5.7 percent (…
USD/JPY edges lower from session high at 102.25 after the release of the Chinese trade report, which revealed that the country’s imports slumped sharply last month.
China Imports CNY (Y/Y) for July dropped -5.7 percent (exp -1.1 percent prev -2.3 percent), while China Imports USD (Y/Y) for July slumped -10.5 percent (exp -7.0 percent prev -8.4 percent).
A steep drop seen in the Chinese imports data underscored demand concerns weighing on risk appetite.
USD/JPY trades a narrow range in the Asian session, hovers around the 102 handle after a brief dip below.
The pair has held above major trendline support (currently at 101.10), weakness only on break below.
10-DMA at 102.68 is next major resistance on the upside, break above could see gains upto 104.35 (falling trendline).
Techs are inconclusive, we prefer to wait for better indication. US labour market conditions index due later in the NA session in focus.
China’s CPI and industrial production figures along with the US retail sales data, due later this week will also be closely eyed .
