USD/JPY January 19th, 2021

The dollar was little changed against the Japanese yen on Monday as softening U.S. economic data and rising coronavirus cases turned investors cautious. U.S. retail sales fell for a third straight month in December, data showed on Friday, as renewed measures to slow the spread of COVID-19 triggered job losses.

The worldwide coronavirus death toll surpassed 2 million on Friday and the World Health Organization has warned the worst could be ahead. Later in the week, U.S. President-elect Joe Biden is due to be inaugurated in a heavily-guarded Washington against the risk of more mob violence. Strong resistance can be seen at 103.87 (38.2% fib), an upside break can trigger rise towards 103.98 (55DMA).On the downside, immediate support is seen at 103.60 (50%fib), a break below could take the pair towards 106.00 (Psychological level).

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