USD/JPY Stuck Around 157.00 Ahead Of US Inflation Data

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5/31/2024 5:24:21 AM

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May 31, 2024 USD/JPY Stuck Around 157.00 Ahead of US Inflation Data May 31, 2024 Gold Price Forecast: Bearish Continuation in Play with Key Support Under Threat May 30, 2024 US Crude Oil Prices Return More Gains As Market Looks To Inventories, OPEC
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Host: Duration: min 09:19:25 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Bullish
1h Last updated:May 31, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Sentiment Analysis & Outlook: EUR/USD, USD/CAD, Dow Jones 30 2024-05-30 17:30:00 EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08. 2024-05-29 18:23:31 Oil - US Crude Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Prices Return More Gains As Market Looks To Inventories, OPEC 2024-05-30 14:30:16 US Crude Oil Bounces Back But Looks Rangebound Before OPEC's June Meet 2024-05-23 11:00:28 Wall Street Bearish
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Market Sentiment Analysis & Outlook: EUR/USD, USD/CAD, Dow Jones 30 2024-05-30 17:30:00 Dow and Nikkei 225 Hit by Selling, Nasdaq 100 Losses Contained for Now 2024-05-30 10:45:31 Gold Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Price Forecast: Bearish Continuation in Play with Key Support Under Threat 2024-05-31 00:10:00 Gold (XAU/USD) Eyes Support, US GDP and Core PCE on the Horizon 2024-05-30 08:42:29 GBP/USD Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News British Pound Edges Up Vs USD, Market Looks To US PCE Numbers As Next Big Clue 2024-05-29 12:00:28 Technical Analysis: EUR/USD and GBP/USD Rejected at Resistance. What Now? 2024-05-28 23:30:00 USD/JPY Mixed
1h Last updated:May 31, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News USD/JPY Stuck Around 157.00 Ahead of US Inflation Data 2024-05-31 08:01:40 Japanese Yen Sentiment Analysis & Technical Outlook – USD/JPY, EUR/JPY, GBP/JPY 2024-05-29 18:30:00 MoreView More

Inflation Rate YoY Prel (May)Actual: 0.8%Expected: 0.8%Previous: 0.8%
Monetary Policy Inflation Recession More
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USD/JPY Analysis, Sentiment and Chart
USD/JPY Daily Price Chart
USD/JPY Analysis, Sentiment and Chart
Japanese Yen Prices , Charts, and Analysis

Tokyo CPI rises to 2.2% in May.
USD/JPY traders wait for US inflation data.
Recommended by Nick Cawley Get Your Free JPY Forecast Get My Guide
Tokyo Inflation Report Signals Rising Price Pressures in May
The latest Tokyo inflation report, widely regarded as a leading indicator for national inflation trends, reveals increasing price pressures in May. The core Consumer Price Index (CPI), which excludes fresh food, rises in line with forecasts to 1.9% year-on-year, up from 1.6% in April. Meanwhile, the headline CPI, which includes all items, climbs from 1.8%, a two-year-plus low, to 2.2% year-on-year.
This upward movement in inflation is a positive development for the Bank of Japan. However, it will unlikely prompt the central bank to tighten its monetary policy in the coming weeks. The Bank of Japan closely monitors price dynamics to achieve its longstanding 2% inflation target sustainably and stably.
As the Tokyo region serves as a bellwether for broader inflationary trends in Japan, the latest figures underscore the continued recovery in consumer prices. Policymakers and market participants will scrutinize upcoming national inflation data (June 20th) for further signs of sustained price growth , which could influence the Bank of Japan's future policy decisions.

For all market-moving global economic data releases and events, see the DailyFX Economic Calendar
The Japanese Yen barely moved after the data was released with USD /JPY traders waiting for today's US Core PCE data (13:30 UK) before taking any positions ahead of the weekend. USD/JPY is trading on either side of 157.00, which has previously prompted official warnings over excessive Yen weakness. Japanese officials will closely watch today's US inflation data and the US dollar 's response.
USD/JPY Daily Price Chart
Retail trader data show 25.18% of traders are net-long with the ratio of traders short to long at 2.97 to 1.The number of traders net-long is 3.42% lower than yesterday and 11.68% lower than last week, while the number of traders net-short is 4.31% lower than yesterday and 1.38% lower than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests USD/JPY prices may continue to rise. Positioning is less net-short than yesterday but more net-short from last week. The current sentiment and recent changes combine us with a further mixed USD/JPY trading bias.
USD/JPYMixed Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	11%	-2%	1%
Weekly	-7%	-3%	-4%

What does it mean for price action? Get My Guide

What is your view on the Japanese Yen – bullish or bearish?? You can let us know via the form at the end of this piece or contact the author via Twitter @nickcawley1 .

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