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USD/JPY extends gains on US retail sales

FXStreet (Córdoba) - USD/JPY extended gains and printed fresh 7-year highs at the beginning of the New York session, lifted by better-than-expected US retail sales data.

Retail sales rose 0.3% from the prior month to a seasonally adjusted $444.49 billion in October, beating expectations of a 0.2% increase. Separated data showed US import prices fell 1.3% from September versus a 1.5% drop expected.

Dollar strengthened across the board and rallied to 116.81 against the yen, recording its highest level since October 2007.

At time of writing, USD/JPY is trading at 116.75, 0.86%, or 100 pips, above its opening price. On the upside, the 117.00 level stands as next resistance, while the 10-hour SMA at 116.33 offers immediate support.

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