Today at 01:30pom GMT the markets got to know the only important macroeconomic publication scheduled for today. Of course, we are talking about the latest March retail sales in the United States.
According to information provided by the American Census Bureau, the value of the basic retail sales on the monthly basis decreased -0.1% (forecast 0.4%, previously 0.2%, revised from 0.3%) in September this year. This is also the worst reading of this indicator since July 2017. Also, the weaker reading is recorded in the core retail sales index, which despite the forecasts assuming an increase of 0.7%, eventually increased by only 0.1% (previously 0.1%).
Let's now take a look at the USD/JPY technical picture at the H4 time frame. The pair has dropped towards the level of 111.62 as the downtrend continues. However, it is worth to notice, that the market conditions are now oversold at this time frame and there is a clear bullish divergence forming between the price and the momentum oscillator, so the bounce higher might occur any time soon. Please bear in mind, the higher time frame trend remains up.
