USDJPY

USD/JPY pair rose to around 148.40 yesterday with the US Retail Sales data surprising downwards, PPI being announced above expectations in both headline and core figures, and Initial Jobless Claims in the US decreasing by 1,000 in the week. Yesterday's Data and Market Expectations will reduce expectations that the Federal Reserve (Fed) will cut interest rates in the June policy meeting. Technically, the 148.39 level can be followed in intraday upward movements. If this level is exceeded, the 148.55, 148.83 and 148.99 resistances may become important. In possible pullbacks, the 148.12, 147.95 and 147.68 support levels will be monitored. Support: 148.120 - 147.950 Resistance: 148.550 - 148.830