The Japanese Yen (JPY) holds ground against the US Dollar (USD), buoyed by a second straight month of rising real wages in Japan.
The Japan ese Yen appreciated as Labor Cash Earnings grew by 3.6% YoY in July. BoJ Board Member Hajime Takata stated that the domestic economy is recovering moderately although some weak signs were seen. The upside in US Treasury yields provides support for the US Dollar. The Japan ese Yen holds ground against the US Dollar , buoyed by a second straight month of rising real wages in Japan . In July, Japan ’s Labor Cash Earnings grew by 3.6% year-on-year, a deceleration from June's 4.
6% year-over-year in July, consistent with the prior figure of 2.6% but slightly below the consensus forecast of 2.7%. Technical Analysis: USD/JPY remains below 144.00, support appears around seven-month lows USD/JPY trades around 143.80 on Thursday. An analysis of the daily chart shows that the nine-day Exponential Moving Average remains below the 21-day EMA, signaling a sustained bearish trend in the market.
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