US dollar continued its advance against the Japanese yen on Wednesday, after the strong Tuesday session for the greenback, following the release of positive retail sales report out of the United States.
USD/JPY hit a session high at 98.41 at 5:42 GMT, the pairs highest point since August 6th, after which consolidation followed at 98.30, up by 0.10% for the day. Support was likely to be received at August 6th low, 97.50, while resistance was to be encountered at August 5th high, 99.14.
The greenback was continuously supported after on Tuesday the Department of Commerce said that retail sales in the United States rose by 0.2% in July, slowing down in comparison with June’s 0.6% increase, which was a revision up from 0.4% previously. Analysts had projected an increase by 0.3%. Core retail sales, which exclude automobile sales, rose by 0.5% in July compared to June, exceeding expectations of a 0.4% increase, after the revised up sales figure in June, when they increased a mere 0.1%.
Meanwhile, the Japanese currency was lower against the euro, with EUR/JPY cross advancing 0.13% for the day to trade at 130.44 at 8:56 GMT. GBP/JPY pair was also gaining today, up by 0.25% to trade at 152.13 at 8:57 GMT.