USD/JPY Outlook (30 July 2020)

Overall, USD/JPY is trending downwards.

The Japanese Retail Sales y/y data (Actual: -1.2%, Forecast: -6.0%, Previous: -12.5% revised from -12.3%) released earlier today indicated a slight decline in consumer spending.

Currently, USD/JPY is hovering around the key level of 105. Its next support zone is at 103.200 and the next resistance zone is at 106.200.
If USD/JPY breaks below the key level of 105, look for short-term selling opportunities up until the release of the U.S. advance GDP data at 2030 ( SGT ).