Yesterday, the USD grew against the basket of all major currencies amid the news that Greece finally reached an agreement with creditors.
The Yen, on the other hand, fell against its main competitors amid the Chinese stock market rebound after it fell by about 30% during the previous month.
Yesterday, poor data on Industrial Production for May came out in Japan. The index fell by 2.1 %. Tertiary Industry index also dropped by 0.7% (forecasted 0.2% reduction).
Today, Retail Sales data is out in the US (forecasted growth by 0.3%). On Wednesday, Bank of Japan Monetary Policy statement is due.
Support and resistance
The technical analysis shows a divergence between price chart and MACD, which indicates soon trend reversal.
The nearest resistance level is 123.97 (local high).
The nearest support level is 122.37 (Moving Average with 110 period).
Open short positions from 123.24 with the target at 122.37 and stop-loss at 123.97. Close all positions at market prices in case of the positive Retail Sales data release in the US.