USD / JPY tumbles to 111, still moving towards weekly earnings
USD / JPY tumbles to 111, still moving towards weekly earnings

After finding support there, the pair has retreated some of the losses and is now trading at 110.88 with a loss of 0.05%.
The final strain of the parity appears to be supported by USD sales following disappointing consumer confidence data. The University of Michigan Consumer Confidence Index fell to 94.5 in June, the lowest level in over eight months, from 97.1. In addition, the Current Situation sub-index fell from 111.7 to 109.6 and failed to meet the 111.2 expectations. According to Richard Curtin, chief economist at Surveys of Consumers, investors are becoming less optimistic about the future course of the local economy.
Following the announcement, the US Dollar Index shed most of its gains on Thursday and retreated to 97.10. Currently trading at 97.20 with a 0.3% loss. On the other hand, the major stock market indices began weaker in the day, and the safe haven supported the JPY against their competitors.
Despite the current retreat, the pair is moving towards a positive weekly close after the close with four losses over the top. With the tightening FOMC announcement of the USD, the recovery in the second half of the week was the primary driver of the rise of the parity.
Significant technical levels for USD / JPY
The resistance level of 111.40 (50-DMA), 112 (psychological level / 200-DMA) and 112.70 (17 May summit), 110.55 (20-DMA / 61.8% Fibo 17 April / 10 May rise), 110 (psychological level) (June 15, dip) levels for the pair.

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