Japan has recently reported about July’s consumer spending. The official figures showed less-than-expected growth.
In particular, Japanese households increased their spending by 0,1% during the reporting period. It is ¥286 098. Despite the fact that analysts had expected a 0,3% increase, the July figures outpaced the June consumer spending data.
At the same time, Japanese households started earning more in July 2013. There is a 1.3% increase year-over-year. The report seems to have pressed the Japanese Yen.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of USDJPY. The Japanese Yen is weakening today against the US Dollar. The currency pair is rallying respectively within the framework of wave A/B of level Daily.
At this point, there price is developing а(С)/С. A further rally will probably encounter resistance around 99.94 , 99.93, 100.17, 100.42, 100.85. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 96.81 (as shown below).
