At the beginning of the week, the USD/JPY pair was growing amid a decline in Japanese retail sales and expectations of an increase in US interest rates in the coming months.
Macroeconomic data, released today in Japan, supported the national currency. In particular, industrial production grew by 0.3% in monthly terms against an expected fall by 1.4%. Unemployment rate remained unchanged at 3.2%. A growth in the jobs-to-applicants ratio is worth noting as well.
Data on personal income and spending is due today in the US. Favorable statistics may support the US dollar, and the pair may, therefore, resume its growth.
On the 4-hour chart, the price is trading between the upper and the middle MAs of Bollinger Bands®. MACD histogram is in the positive zone; its volumes remain almost unchanged. Stochastic is in the middle of its range and directed up.
Support levels: 111.00, 110.75, 110.30, 110.00, 109.60, 109.35, 108.90, 108.50, 108.10, 107.65, 107.00, 106.50, 105.75, 105.35.
Resistance levels: 111.25, 111.60, 112.00.