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The USD/JPY pair advanced towards 105.50 support area. The US dollar remains under pressure due to the probable future key rate cut. What is more, it was weakened by weak US jobs data.
The US central bank lowered interest rates to historically low rates and accumulated bonds on its ledger in a bid to stimulate growth after the 2008 financial crisis. Federal Chairman Jerome Powell, who last week cut US interest rates as an insurance policy against the effects of simmering trade tensions, may need to buy more coverage after the United States late on Monday designated China a currency manipulator. Stock futures dropped and Treasury futures rose as traders bet this latest escalation of the US-China trade war will slow the U.S. economy further, forcing the Fed to respond with deeper rate cuts to ease financial conditions and encourage businesses to hire and spend. Experts think that the Fed is likely to lower borrowing costs by a half-a-percentage-point next month. Moreover, four former Federal Reserve chiefs made a joint plea for the central bank to be able to operate without political pressures or the threat of removal of its leaders, responding to President Donald Trump's persistent attacks on current Chairman Jerome Powell.
The US ISM Non-Manufacturing PMI report was published. It indicated a decrease to 53.7 from the previous figure of 55.1. The reading was expected to increase to 55.5. The Final Services PMI rose to 53.0. Experts expected the reading to be unchanged at 52.2.
On the other hand, recently Japan's top currency diplomat warned investors against significantly pushing up the yen, signaling that Tokyo was ready to intervene in the currency market if excessive yen gains threatened to hurt the export-reliant economy. Asian shares slid to 6-1/2-month lows on Monday and the yuan slumped to a more than decade trough as a rapid escalation in the Sino-U.S. trade war sent investors stampeding to traditional safe harbors including the yen, bonds and gold. Japanese policymakers tend to jawbone markets when the yen rises, as they fear a stronger currency would hurt the country's exports and business sentiment. Additionally, Japan and the United States have agreed to target a broad deal on bilateral trade by September, seeking to bridge differences of opinion over tariffs on beef and the automobile sector.
Today Japan's Average Cash Earnings report was published. It showed an increase to 0.4% from the previous negative value of -0.5%. The reading was expected to drop to -0.8%. The Household Spending decreased to 2.7% from the previous value of 4.0% but managed to perform better than expected as economist spoke about a decline to 1.3%. Japanese Leading Indicators report also indicated a retreat to 93.3% from the previous value of 94.9%. The figure was expected to be at 93.6%.
TECHNICAL OVERVIEW:
The price managed to push higher after the impulsive bearish pressure below 108.00 area today. Though there are no signs of Bullish Divergence. However, it is far from the Mean of the dynamic level of 20 EMA. The price is likely to move towards 108.00 at least before continuing with the downtrend. It might be volatile and corrective but has a greater probability to push higher as a form of retracement.
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