The data whips the price around in the USDJPY.
The retail sales for February were much weaker, but the declines were tapered by higher revisions to the prior month.
The USDJPY initially reacted lower, but saw a bounce back from the lows on the revisions.
The USDJPY tested the 100 day MA at 111.077 today and a topside trend line at 111.10 (currently - and moving lower).
The price action off the data took the price down to a new day low at 110.78 (50% of the move down from the March 15 high), but the price has bounced back up to 110.92 currently (was at 110.975 just before the release).
The 100 day MA and trend line remains a topside ceiling for sellers (risk for sellers now). A move above should trigger stops with the high for the day at 111.18 the next close target followed by the 111.38-44 area (near 200 day MA).
ON the downside, the 50% of the move down from the March 15 high comes in at 110.797 (that was near the low off the data). Move below, and the 100 hour MA at 110.614 and the 200 hour mA at 110.543 will be a key barometer for bulls and bears and will be targeted.
PS The US stocks are not affected a lot by the data with the Dow up 207 points, the Nasdaq is up 69 points (was a little higher). The S&P is up 20 points
