CADJPY Canadian Dollar vs Japanese Yen

The Japanese yen strengthened against other major currencies in the Asian session on Tuesday, after data showed that retail sales in Japan rose more than expected in January.

Data from the the Ministry of Economy, Trade and Industry showed that retail sales in Japan were up a seasonally adjusted 0.5 percent on month in January. That beat expectations for an increase of 0.3 percent after dropping an upwardly revised 1.6 percent in December. On a yearly basis, retail sales advanced 1.0 percent, in line with expectations and up from 0.6 percent in the previous month.

At the same time, the METI also showed that industrial production in Japan was down 0.8 percent on month in January. That missed forecasts for an increase of 0.4 percent following the 0.7 percent gain in December.

On a yearly basis, industrial production climbed 3.2 percent, also shy of expectations for 4.4 percent but unchanged from the previous month.

Meanhwile, investors are awaiting a speech by U.S. President Donald Trump to a joint session of Congress later in the day, and will look for details on Trump's promises of tax reform, deregulation and infrastructure spending.

In other economic news, data from the Ministry of Land, Infrastructure, Transport and Tourism showed that Japan's housing starts growth accelerated unexpectedly to 12.8 percent in January from 3.9 percent in December. Economists had forecast the growth to slow to 3.3 percent. This was the seventh consecutive rise in housing starts. Annualized housing starts climbed to 1.0 million from 923,000 a month ago. The expected level was 916,000.

Meanwhile, construction orders received by 50 big contractors grew only 1.1 percent after rising 7.1 percent in December.

Data from Shoko Chukin Bank showed Japan's small business confidence weakened for the second straight month in February. The small business confidence indicator dropped to 47.7 in February from 48.3 in January. In December, the score was 48.3.

In the Asian trading, the yen rose to nearly a 3-week high of 85.21 against the Canadian dollar, from yesterday's closing value of 85.48. The yen may test resistance near the 84.00 region.

Against the euro, the pound and the Swiss franc, the yen advanced to 118.79, 139.67 and 111.32 from yesterday's closing quotes of 119.31, 140.23 and 111.59, respectively. If the yen extends its uptrend, it is likely to find resistance around 117.00 against the euro, 134.00 against the pound and 110.00 against the franc.

Against the U.S. and the New Zealand dollars, the yen climbed to 112.45 and 80.74 from yesterday's closing quotes of 112.69 and 81.04, respectively. The yen may test resistance near 110.00 against the greenback and 79.00 against the kiwi.

Looking ahead, Swiss KOF leadig indicator for February is due to be released at 3:00 am ET.

At 4:15 am ET, the Bank of England's chief operating officer Charlotte Hogg is expected to speak at Appointment Hearing in London.

In the New York session, U.S. GDP for the fourth quarter, advance goods trade balance for January, wholesale inventories for January, U.S. S&P/Case-Shiller home price index for December and U.S. consumer confidence index for February and Canada industrial and raw materials price indexes January are slated for release.

At 3:00 pm ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak on the economic outlook before an event hosted by the Temple University College of Liberal Arts, in Philadelphia, U.S.

At 3:30 pm ET, San Francisco Fed President John Williams will deliver a speech on the economic outlook before the Santa Cruz Chamber of Commerce, in Santa Cruz, U.S.

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