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USD/JPY seeing a few bids

We’ve had May Money Suppy data from Japan. This is not a market mover but FWIW its come in at +1.9% y/y

vs. +2.1% expected and +2.6% in April

The Bank of Japan meet this week and yen traders are on edge over the question of further tightening from the Bank. If we get anhy it’ll likely be a reduction in JGB buying.

Nikkei: Bank of Japan will ‘consider’ whether to scale back its monthly JGB purchases

The US CPI and FOMC are also risk events ahead:

US CPI and FOMC due this week – UBS preview

USD/JPY update:

This article was written by Eamonn Sheridan at www.forexlive.com.

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