28 May 2024, USD/JPY
An event to look out for today:
17:00 GMT+3. USD - Consumer confidence indicator
USDJPY:
The Japanese yen (JPY) continued to strengthen for a second straight day on Tuesday, receiving support from Japan's Corporate Services Price Index (CSPI). The index rose 2.8% year-on-year in April, beating expectations of 2.3% and showing the fastest pace of growth since March 2015.
The Japanese yen may have received some support after remarks by Japan's Finance Minister Shun'ichi Suzuki on Tuesday that pointed to the possibility of verbal intervention. Suzuki emphasized the importance of stable currency movements reflecting fundamentals, saying that he closely monitors foreign exchange (FX) movements. However, he refrained from commenting on whether Japan has conducted FX intervention.
The US Dollar (USD) continues to lose ground following a decline in US Treasury yields. Traders are likely to wait for the Personal Consumption Expenditures (PCE) data to be released on Friday to assess further US monetary policy.
Trading recommendation: Trade predominantly with buy orders at the 157.00 price level. Consider sell orders at the price level of 156.45.
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