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USD/JPY is trading near its weekly low in the 108.60 price zone as bearish pressure mounts. Risk-on prevails, leaving the pair at risk of falling further in the near-term, Valeria Bednarik, Chief Analyst at FXStreet, briefs.

USD/JPY is technically bearish

“Japanese annual inflation printed at -0.4% Yo in April as expected. The core reading, which excludes fresh food prices, came in at -0.1%, slightly better than anticipated. The preliminary estimate of the May Jibun Bank Manufacturing PMI printed at 52.5, below the 53.8 expected and the previous 53.6.”

“The US session will bring the preliminary estimate of the Markit Manufacturing PMI for May, foreseen at 60.2, and the Services PMI for the same period, expected at 64.5, both slightly below the April final readings.”

“The decline will likely accelerate should the USD/JPY pair break below 108.56, the immediate support.”


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