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Forex: USD/JPY pops up above 96.00 after US retail sales

The dollar strengthened and rose toward daily highs versus the yen, erasing intraday losses in the process, after data showed US retail sales more than doubled expectations in February.

USD/JPY jumped over 40 pips in a matter of minutes after the data was released and reached a marginally new high for the day at 96.10. However, USD/JPY quickly lost steam and at time of writing it is trading around 95.95, little changed since opening.

As for technical levels, if USD/JPY manages to rise above 96.10, next resistances are seen at 96.70 (Mar 12 high)and 97.00 (psychological level), while on the other hand, if the pair resumes the correction, supports could be found at 95.45 (intraday low), 95.10 (Mar 7 high) and 94.60 (200-hour SMA).

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