{"id":70227,"date":"2015-03-27T07:15:31","date_gmt":"2015-03-27T11:15:31","guid":{"rendered":"http:\/\/countingpips.com\/?p=70227"},"modified":"2015-03-27T07:35:15","modified_gmt":"2015-03-27T11:35:15","slug":"usdjpy-holds-support-levels-following-soft-japanese-cpiretail-sales","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/usdjpy-holds-support-levels-following-soft-japanese-cpiretail-sales\/","title":{"rendered":"USD\/JPY Holds Support Levels Following Soft Japanese CPI\/Retail Sales"},"content":{"rendered":"
March 27, 2015<\/div>
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Article by ForexTime<\/a><\/p>\n

Yen Strength was halted Friday following a weaker than expected inflation report and downbeat retail sales data.\u00a0 It appears that despite Japans huge stimulus program, deflationary influences remain in place.<\/p>\n

Japan\u2019s core CPI grew at a 2.0% year over year pace in February, below projections after the 2.2% clip in January. Total CPI slowed to a 2.2% pace in February from 2.4% in March. Tokyo core CPI expanded at a 2.2% rate in March, identical to the pace in February. Total Tokyo CPI held steady at 2.3% year over year in March.<\/p>\n

Retail sales fell 1.8% year over year in February, slightly worse than expected after the 2.0% drop in January. Sales grew 0.7% month over month in February, also short of projections after the revised 1.9% drop in January which was originally -1.3%. But sales at large retailers grew 1.3% year over year in February, outpacing expectations after the flat reading in January.<\/p>\n

Household spending contracted at a 2.9% year over year rate in February, a bit better than anticipated after the 5.1% drop in January. The unemployment rate fell to 3.5% in February from 3.6% in January. Overall, underlying price growth which is reflected by CPI excluding fresh food continues to slow from the 3.4% peak rate seen in May of last year that was due to the consumption tax hike, suggestive of subdued underlying price pressures in Japan despite the BoJ\u2019s extraordinary stimulus.<\/p>\n

The USD\/JPY is holding steady near the 119 area, after testing 118 on Thursday.\u00a0 The yen has strengthened nearly 3 big figures since hitting a fresh trend high of 122 early in March.\u00a0 Resistance on the currency pair is seen near the 10-day moving average at 120. Momentum remains negative with the MACD (moving average convergence divergence) index printing in negative territory with a downward sloping trajectory.<\/p>

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\"Forex-Time-Logo\"Article by ForexTime<\/a><\/span><\/strong><\/p>\n

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 <\/p>\n","protected":false},"excerpt":{"rendered":"

Article by ForexTime Yen Strength was halted Friday following a weaker than expected inflation report and downbeat retail sales data.\u00a0 It appears that despite Japans huge stimulus program, deflationary influences remain in place. Japan\u2019s core CPI grew at a 2.0% year over year pace in February, below projections after the 2.2% clip in January. Total […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-70227","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/70227","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=70227"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/70227\/revisions"}],"predecessor-version":[{"id":70229,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/70227\/revisions\/70229"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=70227"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=70227"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=70227"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}