Falls to weeks midpoint at 122.89
The USDJPY fell on the back of the weaker that expected retail sales report in the US. The fall took the pair to the midpoint of the two day range this week at the 122.89 level. The low reached 122.91. The correction off the low is reaching up toward the prior low for the day reached in the Asian Pacific session at the 123.18 level. This is close resistance. If the pair is to take it's clue from the retail sales data and move lower, staying below that level will be eyed (risk defining level). A move above and traders might get more frustrated with the markets price action.
ON the downside, traders like breaking below midpoints. Get below 122.89 to solicit more selling.
