Falling Japanese Sales
Christophe Chevalier April 24, 2020 8:08 AM
Japan is suffering from social distancing measures as Japanese Nationwide Department Sales fell 33.4%
As the other countries, Japan is suffering from social distancing measures as Japanese Nationwide Department Sales fell 33.4% on year in March, vs -12.2% the previous month. In Tokyo, Department Stores sales collapsed by 34.6%, vs -12.8% in February. Also, February Japanese All Industry Activity Index was released at -0.6%, vs -0.5% expected. It was at 0.8% in January.
From a technical point of view, USD/JPY stands above a strong horizontal support already hit twice in April at 107.00. Readers may therefore consider the potential for a new rebound above horizontal support at 107.00. The nearest resistance would be set at Apr. 6 top at 109.40 and a second one would be set at set at horizontal resistance at 110.20 in extension. Any break below 107.00 would lower the bullish potential and would lead to a consolidation towards 105.85.
Source: TradingView, GAIN Capital
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.