USD/JPY: USD Faces Correction Ahead of Key Retail Sales Data

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The Japanese Yen has strengthened as the US Dollar begins to correct downward in anticipation of upcoming Retail Sales data. Japan's GDP annualized growth for the third quarter was reported at 0.9%, a notable decline from the 2.2% growth seen in the second quarter. In response to currency market volatility, Japan’s Finance Minister Kato emphasized his commitment to taking necessary measures to counter excessive fluctuations in foreign exchange rates.

From a technical analysis perspective, the current price indicates a rebound in an area where multiple supply zones converge, suggesting the potential for a pullback of the USD against the JPY. Retail traders continue to show a bullish stance towards the US Dollar, while other market participants appear uncertain or bearish in their outlook.

Given the significant rally in the USD that followed the Trump election victory, we are observing for a possible correction. As these dynamics play out, attention to price patterns and broader economic indicators will be essential for traders navigating this market environment.

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