Dollar slips back versus yen
The dollar is struggling to hold the 200-daily moving average today, but the bounce from ¥102 remains intact.
Weaker retail sales yesterday from the US did little to hold back the dollar, but the risk in initial jobless claims today back above 300,000 has seen the yen gain strength during the afternoon. The final day of the week will bring with it PPI figures and the first Michigan confidence reading for the month, but the data is broadly expected to be supportive of the US dollar.
A rising daily relative strength index has faltered slightly today, but so long as the currency pair can hold above the 200-DMA there is reason for optimism and grounds for a possible retest of the ¥103 level.
On the downside ¥101 has yet to be seriously challenged, while the 50-DMA around ¥101.90 should also provide support.