USD/JPY nears May high at 109.78, poised to extend its advance
|The American dollar remains the strongest currency across the FX board after the release of above expected US April´s inflation. The USD/JPY pair trades at the upper end of its monthly range, near a fresh May high at 109.78. As FXStreet’s Chief Analyst Valeria Bednarik notes, bulls are in control as yields keep raising.
Speculative interest awaits US employment-related figures for additional clues
“Japanese data failed to impress. The Trade Balance posted a surplus of ¥983.1 billion in March, surpassing expectations, although the April Eco Watchers Survey Outlook contracted to 41.7.”
“The US will publish the April Producer Price Index and Initial Jobless Claims for the week ended May 7, foreseen at 490K.”
“The USD/JPY pair is bullish in the near-term and would likely extend its advance in the upcoming hours. Much will depend on how US Treasury yields develop.”
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