Global macro overview for 29/11/2016:
Better than expected data from Japan were released overnight regarding the jobs market, household spending, and retail sales. According to the Ministry of Economy, Trade and Industry the Retails Sales report edged down 0.1%, while market participants had expected a 1.5% decline on a year-to-year basis. On a monthly basis, retails sales increased 2.5%, better than a 1.1% increase expected by market participants and better than the last reading of 0.3%. The unemployment rate stayed unchanged at the level of 3.0%, while job availability advanced slightly. Nevertheless, the steady labour conditions did not improve the spending as expected. The household spending decreased by 0.4% on year, up from the expected decline of 1.0%. The deflationary pressures are still preventing the Japanese people to increase the amount of money spent in everyday life. In conclusion, a mixed bag of data like this does not really enhance the chances for improved GDP reading in the fourth quarter.
Let's now take a look at the USD/JPY technical picture in the daily time frame. The market has bounced from the nearest technical support at the level of 111.44 and the price is still trading above all the moving averages. The bulls are still in control over this market and the next resistnace is seen at the level of 115.97.
From www.instaforex.com http://ift.tt/2gEV5CN
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