FOREX: USDJPY Trades Session Lows Following ADP, ISM Data Awaited
Jun-04 12:52
- The much weaker-than-expected ADP employment data has dented greenback sentiment Wednesday, most notable in the 70 pip move lower for USDJPY, which is extending session lows at typing to 143.55.
- Price action this morning fell just shy of last Friday’s highs of 144.44, and importantly, a bear cycle in USDJPY remains in play and sights remain on the next important support at 142.12, the May 27 low. As noted, clearance of this level would confirm a resumption of the bear leg and open 139.89, the Apr 22 low.
- Bank of Japan officials will closely watch the upcoming June Tankan survey, due July 1, for signs of resilience in non-manufacturers' sentiment and upward revisions to major firms’ capital investment plans, which would support its baseline view for a gradual rate-hike path, MNI understands.
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