The Japanese Yen (JPY) depreciates, with Japanese Economy Minister Yoshitaka Shindo announcing on Monday that the government will “continue efforts for primary balance to reach within surplus territory in FY 2025.” Shindo also expressed optimism, stating that “Real economic growth of 1.3% in FY 2025 is not so unrealistic,” per Reuters.
The Japan ese Yen weakened as Minister Yoshitaka Shindo expressed the goal for the primary balance to achieve surplus territory by 2025. The Jibun Bank Manufacturing PMI rose 50.4 MoM in May, indicating the first expansion since May 2023. The US Dollar depreciated as Fed officials suggested no further interest rate hikes.
In terms of potential price movements, the USD/JPY pair is testing the upper boundary of the symmetrical triangle, with the psychological level of 158.00 acting as the next target. A breach above this level could provide support for the pair to retest 160.32, which represents its highest level in over thirty years. Conversely, immediate support is seen at the psychological level of 157.00, followed by the 14-day Exponential Moving Average at 156.72.
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