Japanese Yen Near Weekly Low After Weak Spending Data as USD Bulls Await NFP
The yen remains under pressure near its weekly low following soft Japanese household spending figures, while dollar bulls look ahead to the upcoming US nonfarm payrolls report.
The USD/JPY pair is consolidating this week’s strong rebound from the 155.25–155.20 area, the lowest since May, which was reached after a joint US-Japan intervention. The yen’s downside has been compounded by disappointing domestic spending data.
Market participants are now focused on the US nonfarm payrolls release, which could determine the near-term direction for the dollar. A positive surprise may reinforce the greenback’s recovery and push USD/JPY further above its weekly high.
With the pair stabilizing near the upper end of the weekly range, sentiment remains tilted toward further dollar strength unless the data disappoints significantly.
Source: FXStreet Forex News