Intra-Day Market Moving News and Views (USD/JPY)
31 May 2016 01:23GMT
USD/JPY - ...... Although the greenback rose to session high at 111.45
in early European morning, price retreated to 111.03 and continued to
trade in a narrow range in holiday-thinned conditions as UK and US
markets were closed.
Dlr briefly dropped to 110.80 at Tokyo open after Japan reported
better-than-expected industrial production data before rebounding in
Tokyo morning.
Factory output rose 0.3 percent in April from the previous month,
against a median market forecast for a 1.5 percent drop, data by the
Ministry of Economy, Trade and Industry showed on Tuesday. It followed a
3.8 percent rise in March.
Pay attention to the release of U.S. consumer confidence data at
14:00GMT. Street forecast is for a rise to 96.0 fm prev. reading of
94.2.
Bids are now seen at 110.90/00 and more below at 110.70/80 with stops
building up below there whilst initial offers are noted at 111.60/70,
suggesting buying on dips for a resumption of recent uptrend is favored.
