Japanese Overall Household Spending Actual -0.5%, Expected -1.8%, Previous -1.8%
Release Explanation: The overall household spending report measures the total amount spent by households on goods and services in Japan. A rising trend tends to have a positive influence on a nations currency because consumer spending is a major part of the overall health of the economy.
Trade Desk Thoughts: Household spending fell 0.5 percent from the previous year. This is the fifth monthly decline as households budgets are tightened in the face of a recession.
Forex Technical Reaction: The yen is currently entangled in its 20 day SMA as it has been for the past seven trading days. The pair has also failed to break above R1 or below S1 for the past four days.