25 June 2024, USD/JPY
USDJPY:
The Japanese yen (JPY) has continued to appreciate for the second consecutive session on Tuesday. The USD/JPY pair remains within touching distance of the 160.00 level, which recently prompted Japanese authorities to spend billions of dollars on yen buying interventions, according to Reuters.
The Japanese corporate services price index (y/y) increased by 2.5% in May, a slower pace than the 2.7% growth seen in April. Investors are awaiting further economic data this week, including retail sales, unemployment for May and Tokyo inflation for June.
Regarding the dollar, the revised U.S. gross domestic product (GDP) for the first quarter will be released on Thursday, followed by the personal consumption expenditure (PCE) price index on Friday.
Trade recommendation: We follow the level of 159.70, if it is fixed above we take Buy positions. If the level bounces back, we take Sell positions.
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