Report from University of Michigan (UoM) showed that consumer sentiment index fell to 87.9 in October, down from 91.2 in the previous month. Market expected a rise to 91.9. The October figure is the lowest in the last 12 months.
Other data that was released on Friday were positive. US retail sales was up 0.6% in September in line with market expectation. Producer Price Index was up 0.3%, higher than expected at 0.2%.
Intraday bias for USDJPY remains neutral. For today, watch the resistance area at 104.279-104.624 to look for bearish signal confirmation with support area at 103.509-103.164 as target. However, keep in mind that the intraday bias is neutral so that you must be very careful if the price managed to break above 104.624 because it possibly will turn the intraday bias into bullish and open the chance for another bullish move up to 104.969-105.354.
– Stand aside (recommended)
– Sell on bearish signal confirmation within 104.279-104.624; target at 103.509 or 103.164