Japan's retail sales dropped in September, according to the official report published the other day. The decline was triggered a drop in the sales of fuels and household appliances. To be more specific, the retail sales volume dropped by 0,2% in September.
At the same time, the latest figures turned out to be much worse than the analyst estimates of +0.4% as well as the previous value of +0,8% seen in August.
Experts are concerned since this is the first monthly drop seen over the last 6 months, Masterforex-V academy experts say. However, when adjusted for seasonality, the monthly retail ales volume grew by 0,7% over the same reporting period. Specifically, the country’s biggest stores witnessed a 1,7% increase which is 0,1% away from the 1,8% growth seen in August.
FOREX
In the meantime, the Japanese Yen is still retracing from the long-term trend. USDJPY is rallying within the framework of a bullish momentum - wave A/B of level Daily or higher. The currency pair is still within a smaller-scale move - wave b(C ) of the rally, Masterforex-V Academy reports.
On breaking above the 121.48 high, the price will probably move higher to the next levels of resistance - 121.74, 125,27 and the top of the descending MF sloping channel. Alternatively, a break below 118.05 and the bottom of the ascending MF sloping channel will indicate the end of the rally.
