USD/JPY on the bids near 109.60 as Tokyo open emphasize domestic data

Tuesday, 28 May 2019 08:31 WIB



The USD/JPY pair is taking the rounds near 109.60 as Japanese Yen (JPY) weakens on softer than expected domestic data around Tokyo open on Tuesday.

The April month corporate service price (YoY) dropped to the year's low of 0.9%, needless to mention that it lagged behind 1.1% market consensus and prior.

With the sluggish domestic data emphasizing Bank of Japan's (BOJ) easy monetary policy, investors cared less for recent risk events like EU election results and the trade stalemate between the US and China.

Reports of the mass attack in Tokyo (on 15 people) and Financial Times' piece conveying Japanese macro advisers' push to the BOJ towards more early policy also couldn't gain market players' attention.

While 109.80, 110.30 and 100-day simple moving average (SMA) near 110.60 could keep limiting the pair’s near-term upside, 109.30, 109.00 and 108.50 might become sellers’ favorite during the decline.

Source : FXstreet


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