The USDJPY gained 0.50% during the past week. The Fed minutes lifted the USDJPY up to 107.70 but failed to breach the key resistance zone. Overall, last week for the third week in a row that USDJPY has posted a net weekly gain of 0.50%.
In the US next week, most significant data release is Monday’s March Retail sales. The Commerce Department will publish the March data at 1.30pm GMT. The market consensus will show stronger March Retail sales by 0.4% from February -0.1%.
Read: Global economic calendar
Ahead of the data risk event the supply zone to watch closely is 107.70-108.15. A move above this could open in 108.90 with supports 106.40 and 105.50.
It is important to always keep in mind the risks involved in trading with leveraged instruments.
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