The USDJPY has been on an uptrend for 7 months. A trend that has increased from 102 to 110. The price can fall to 108,500.
USD/JPY was largely flat at 110.50, even though Japan's industrial output posted the biggest monthly drop in a year in May, EUR/USD was also flat at 1.1898, after falling overnight, GBP/USD rose 0.1% at 1.3841, with U.K. first-quarter GDP falling 1.6% on the quarter, while the risk-sensitive AUD/USD was up 0.1% at 0.7518, after slumping around 0.7% overnight.
The USD/JPY pair inched down 0.02% to 110.48. Data released earlier in the day in Japan said industrial production fell by a worse-than-expected 5.9% month-on-month in May.
SD/JPY has a correlation coefficient of 0.86, 0.63 and 0.49 15 minutes, 60 minutes and 240 minutes after the release, respectively. These numbers suggest that the NFP deviation has a strong positive correlation with the pip-change in USD/JPY 15 minutes and one hour after the release.
USD/JPY continues to consolidate near term just below the 111.13/38 October 2018 low and mid-February 2019 high.
The Biden administration is developing an executive order directing agencies to strengthen oversight of industries that they perceive to be dominated by a small number of companies, a wide-ranging attempt to rein in big business power across the economy, according to people familiar with the plans,” said the news.
The upside movement in the US dollar also traced back to upbeat domestic economic reading. The S&P CoreLogic Case-Shiller 20-city Home Price Index jumped 14.9% above the market consensus at 14.5%.