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USD/JPY chart - Trading View
USD/JPY was trading 0.07% lower on the day at 109.95 at around 06:30 GMT.
The major fails to extend Friday's upbeat US Retail Sales led gains. Mixed messages from Fed members and covid worries keep trading muted.
US Retail Sales unexpectedly rose in June as demand for goods remained strong. Data bolstered expectations that economic growth accelerated in Q2.
Data released last Friday showed US Retail Sales rose 0.6% in June, beating forecasts for a drop of 0.4%. Sales surged 18.0% y/y.
Further, data for May was revised down to show sales falling 1.7% instead of declining 1.3% as previously reported.
Also, the University of Michigan's consumer sentiment index fell to 80.8 early this month from 85.5 in June. The survey's inflation expectations over the next 12 months shot up to 4.8% from 4.2% in June.
Strong sales data boosted the US dollar across the board on Friday. USD/JPY closed 0.20% higher on Friday at 110.02.
Near-term bias for the pair has shifted bearish. Recovery is struggling to break above 200H MA.
The pair is holding support at 55-EMA and break below will see more downside. Bearish invalidation only above 200H MA.
