Forex: USD/JPY still capped below 92.20

With Japan retail sales just released a bit better than expected at -1.1% when consensus was calling for a -1.4%, still third month in a row with decreasing figures, coming from a previous at +0.3%, year on year, USD/JPY is little moved at 92.18, around session highs, while Nikkie index opens flat around the 11400 handle. The pair bounces from daily lows at 91.12 printed in early NY trade, but still is down for the week by -1.23% from previous weekly close Friday.

According to Valeria Bednarik, Chief Analyst at Fxstreet.com, the USD/JPY: “enters Asian session with the hourly chart showing a quite neutral stance, as indicators turn flat around their midlines, while price develops well below moving averages. A short term descendant trend line stands around 92.20, offering short term resistance: as long as below, the upside seems quite limited. Overall, and entering March, and the fiscal year end for Japan, the downside is favored towards recent lows at 90.80,” Valeria concludes.

The analyst locates support levels at: 91.80, 91.30 and 91.00, while resistance levels at: 92.20, 92.70 and 93.10.