Japan's Yen Surges Against Dollar as Domestic Data Boosts
The Japanese Yen has seen an uptick against the US Dollar, thanks to strong domestic data releases. According to Scotiabank strategists Shaun Osborne and Eric Theoret, retail sales in Japan surged significantly in July, while industrial production also expanded unexpectedly.
This positive news has contributed to the JPY's modest strength versus the USD, outperforming most G10 currencies except for NOK and SEK. However, the Bank of Japan's upcoming September 18 decision remains a key focus point, with expectations that officials will take appropriate action.
In terms of price action, the USD/JPY has shown firm resistance above 160, with prior support levels around 159.50 now serving as short-term support. The lower bound of the near-term range is expected to be around 159.00.