FXstreet.com (Barcelona) - The JPY has fallen against the Dollar in the beginning of American session, after the U.S. Retail sales first growth since June 2008. The USD/JPY has growth more than 80 pips in the last three hours since 89.85 stopping at the 90,70 resistance, yesterday's maximum, then USD/JPY begun to fall toward to the 90,25 support.
If the up movement continues and it breaks the 90,70 resistance, the pair will grow until 91,00 level, as second resistance, and 91,75 as two days high. On the downside, if USDJPY come back and break the 90,25 support, the pair could fall to the 89,80, today's minimum, and go toward the 89,00 level.
According to Tatsuya Kawanishy, FXstreet.com's Analyst, JPY has been appreciate since 2008 August due the turmoil in financial market, December in 2008 the USD/JPY hit a remarkable low at 87.09. Japan heavily depends on its export surplus. Thus, the appreciated Yen has hurt the Japanese economy, like Toyota, Nissan, Sony and Panasonic are under increasing pressure. There is still confusion in the market, Risk aversion can emerge again and the JPY would get appreciated more. Yet, we have to remember that USD/JPY usually moves upwards in February when fiscal year takes place and companies prepares their final accounts (depreciation of the Yen). Let's see if the USD/JPY keeps moving up or not.