USDJPY 28/05/2024
Macroeconomic News:
The Tokyo CPI Index of Japan and the US GDP and PCE inflation data are key highlights for this week. Tokyo's core CPI is expected to rise on Friday, while investors anticipate that the US PCE inflation will remain stable in April. The USD/JPY pair is currently trading below the 157.00 level, awaiting key data that will determine the pace of interest rate cuts from central banks. The US market reopens on Tuesday after the Memorial Day holiday, with attention focused on speeches from Fed and BoJ officials. Japan's service price index increased faster than expected, reaching 2.8% YoY in April, the fastest growth since 2015. US GDP growth and PCE inflation data will be released later in the week, with forecasts suggesting Q1 GDP growth to decline to 1.4% and core PCE inflation to remain at 0.3% MoM.
Technical Analysis:
Despite the broad weakness of the USD on Monday, the Yen failed to gain traction, keeping the USD/JPY pair below the 157.00 level. The USD has been steadily appreciating against the JPY, despite recent market interventions. USD/JPY has recovered more than half of its losses from the multi-year high of 160.32 and remains in an uptrend. If the USD continues to depreciate, this level will act as a resistance area for the JPY. Conversely, the nearest support for the pair is at the 155 level, with a short-term trendline supporting it. The pair has traded above the 200-day Exponential Moving Average (EMA) at 149.13 since January and has increased by more than 11% in 2024.
The Tokyo CPI Index of Japan and the US GDP and PCE inflation data are key highlights for this week. Tokyo's core CPI is expected to rise on Friday, while investors anticipate that the US PCE inflation will remain stable in April. The USD/JPY pair is currently trading below the 157.00 level, awaiting key data that will determine the pace of interest rate cuts from central banks. The US market reopens on Tuesday after the Memorial Day holiday, with attention focused on speeches from Fed and BoJ officials. Japan's service price index increased faster than expected, reaching 2.8% YoY in April, the fastest growth since 2015. US GDP growth and PCE inflation data will be released later in the week, with forecasts suggesting Q1 GDP growth to decline to 1.4% and core PCE inflation to remain at 0.3% MoM.
Technical Analysis:
Despite the broad weakness of the USD on Monday, the Yen failed to gain traction, keeping the USD/JPY pair below the 157.00 level. The USD has been steadily appreciating against the JPY, despite recent market interventions. USD/JPY has recovered more than half of its losses from the multi-year high of 160.32 and remains in an uptrend. If the USD continues to depreciate, this level will act as a resistance area for the JPY. Conversely, the nearest support for the pair is at the 155 level, with a short-term trendline supporting it. The pair has traded above the 200-day Exponential Moving Average (EMA) at 149.13 since January and has increased by more than 11% in 2024.
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