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5 Jun 2024

USD/JPY gathers strength above 155.00 ahead of US Services PMI data

  • USD/JPY edges higher to 155.30 on Wednesday, up 0.28% on the day. 
  • Japan's Labor Cash Earnings rose 2.1% YoY in April, compared to a 1.0% increase prior, higher than expected.   
  • The downbeat US Manufacturing PMI in May triggered the possibility of first rate cuts from the Fed in September.

The USD/JPY pair gathers strength near 155.30 trading during the early Asian trading hours on Wednesday. The interest rate differential between the Fed and BoJ continues to create a tailwind for the pair. The US ISM services PMI data will be closely watched on Wednesday ahead of the highly-anticipated Nonfarm Payrolls (NFP), which is due on Friday.
 
Japan's Labor Cash Earnings climbed 2.1% YoY in April from the previous reading of a 1.0% increase (revised from 0.6%), above the market consensus of 1.7%. With labor cash earnings rising faster than estimated, the Bank of Japan (BoJ) will be under pressure to begin clamping down on an easy monetary policy stance, which has exerted some selling pressure on the JPY through 2024. Meanwhile, the divergence of interest rates between the US and Japan continued to undermine the JPY and cap the downside for the USD/JPY pair.

On Tuesday, BoJ Deputy Governor Ryozo Himino said that the central bank must be "very vigilant" to the impact the JPY's moves could have on the economy. Himino added that the Japanese Yen’s weakness will be among the factors affecting the timing of its next interest rate hike.

The weaker US Manufacturing PMI in May triggered the possibility of first rate cuts from the US Federal Reserve (Fed) in September. Traders are now pricing in nearly 54.9% odds of a Fed rate cut in September, up from 49% at the end of last week, according to the CME FedWatch Tool. Investors will take more cues from the US ISM services PMI data, which is projected to rise to 50.5 in May from 49.4 in the previous reading. On Tuesday, the US JOLTs Job Openings decreased from 8.355 million to 8.059 million in April, missing the market expectation of 8.34 million. 

USD/JPY

Overview
Today last price 155.31
Today Daily Change 0.43
Today Daily Change % 0.28
Today daily open 154.88
 
Trends
Daily SMA20 156.26
Daily SMA50 154.73
Daily SMA100 151.97
Daily SMA200 149.68
 
Levels
Previous Daily High 156.49
Previous Daily Low 154.55
Previous Weekly High 157.71
Previous Weekly Low 156.37
Previous Monthly High 157.99
Previous Monthly Low 151.86
Daily Fibonacci 38.2% 155.29
Daily Fibonacci 61.8% 155.75
Daily Pivot Point S1 154.12
Daily Pivot Point S2 153.37
Daily Pivot Point S3 152.18
Daily Pivot Point R1 156.06
Daily Pivot Point R2 157.24
Daily Pivot Point R3 158

 

 

Jun 5, 2024

Japan Jibun Bank Services PMI came in at 53.8, above forecasts (53.6) in May

Japan Jibun Bank Services PMI came in at 53.8, above forecasts (53.6) in May
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Jun 5, 2024

PBOC sets USD/CNY reference rate at 7.1097 vs. 7.1083 previous

The People’s Bank of China (PBoC) set the USD/CNY central rate for the trading session ahead on Wednesday at 7.1097, as against the previous day's fix of 7.1083 and 7.2418 Reuters estimates.
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