The Japanese Yen (JPY) continues to strengthen for the second consecutive day on Tuesday, drawing support from Japan’s Corporate Service Price Index (CSPI).
The Japan ese Yen gained ground amid improvement in Japan ’s Services PPI released on Tuesday. Japan ’s Corporate Service Price Index posted a reading of 2.8% YoY in April, marking its fastest increase since March 2015. The decline in US Treasury yields put pressure on the US Dollar. The Japan ese Yen continues to strengthen for the second consecutive day on Tuesday, drawing support from Japan ’s Corporate Service Price Index . The index posted a year-over-year reading of 2.
However, the 14-day Relative Strength Index remains slightly above 50, still maintaining a bullish bias. The pair might test the upper boundary of the rising wedge around 157.45. If it surpasses this level, the next target could be 160.32, representing its highest point in over thirty years. On the downside, the nine-day Exponential Moving Average at 156.48 serves as immediate support, followed by the lower edge of the rising wedge and the psychological level of 156.00.
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