USDJPY, Daily
USDJPY, had been heading south all day on yen outperformance, logging a one-month low at 106.25. Japanese core machinery orders dove 11.0% m/m in April, well off the median for a 2.3% drop and the biggest monthly dive in almost two years. The data had little bearing on the yen, however, which has been buoyed by a risk-off backdrop. Sharp losses were seen in EUR-JPY, which fell into 39-month terrain. USDJPY has since recovered a little on the publication of US initial jobless claims and currently trades at 106.60.
US initial jobless claims for the week ending June 4 fell 4k to 264k, following an unchanged dip to 268k (revised from 267k) for the week of May 28. It’s the lowest level since April 23, and leaves the 4-week moving average at 269.5k versus 277k (revised from 276.75k). Continuing claims dropped 77k to 2,095k for the May 28 week after rising 12k to 2,172. The BLS said there were no special factors impacting claims last week.
The Daily chart has support at 106.25 which we touched earlier today and 105.50. Resistance for the pair sits at 107.90 and 109.20.
Janne Muta
Chief Market Analyst
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