USD/JPY strengthens beyond mid-139.00s on modest USD uptick, lacks bullish conviction – by hareshmenghani USDJPY BOJ Fed Inflation Currencies
USD/JPY scales higher for the second straight day, though the upside potential seems limited.A modest USD strength further lends support and contributes to the modest intraday uptick.The USD/JPY pair gains some positive traction for the second successive day and climbs back above mid-139.00s during the Asian session on Monday.
The Japanese Yen weakens a bit on the first day of a new week in reaction to the dismal domestic data, showing that Japan's Producer decelerated more than anticipated, to 5.1% YoY in May from the 5.9% previous. Adding to this, the Bank of Japan Deputy Governor Masazumi Wakatabe ruled out the possibility of any change in the central bank's monetary policy stance later this week.
The US Dollar , on the other hand, builds on Friday's modest bounce from its lowest level since May 24 and gains some follow-through traction, which is seen as another factor that contributes to the bid tone surrounding the USD/JPY pair. The USD uptick, however, lacks bullish conviction as investors remain uncertain over the Federal Reserve's rate hike path.
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