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JPY Daily News
Bullish JPY Expected.
The JPY saw bullish trading trends against all of its currency crosses yesterday. From trading close to 108, the USDJPY dropped to the low 107's yesterday. And against the EUR, the JPY even broke under the 168 range. Besides taking advantage of its currency counterparts' weak data releases, the JPY had three major economic releases of its own, all being on par and even beating experts' expectations. The Tokyo and National Core CPI were both positive and were identical to forecasts; while the CSPI, which measures change in the price of services purchased by corporations, beat out its forecast. This indicator showed that Japan's core inflation rose at its fastest pace in over 10 years in June due to rising gasoline and food prices.
There are no economic data releases expected from Japanese economy today; however there will be a nice amount of data from the U.S. and Euro-Zone, which will affect the Yen's major counterparts. Most releases from both regions are expected to be bearish for those respective currencies, and traders might look for further bullishness from the JPY in those crosses.
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