FXStreet (Córdoba) – USD/JPY inched a few pips higher following the release of the latest batch of US data, although the pair continued to trade within its recent range.
US consumer spending jumps, PCE inflation still low
On the data front, initial jobless claims rose by 3,000 to 271,000 last week, but remained below expectations of 272,000. Meanwhile, personal income rose by 0.5% as expected in May while personal spending increased by 0.9, its biggest rise since August 2009.
Inflation, measured by PCE, rose 0.3% in May and 0.2% YoY, while core figures climbed 0.1% and 1.2% respectively in line with expectations. Core inflation posted its smallest annual growth since February 2014.
USD/JPY advanced to the 123.75 area following the data and it was last trading at 123.64, still 0.15% below its opening price.
USD/JPY technical levels
As for technical levels, next resistances are seen at 123.95 (Jun 25 high), 124.36 (Jun 23 high) and 124.44 (Jun 17 high). On the other hand, supports could be found at 123.30 (Jun 25 low) 123.00 (psychological level) and 122.55 (Jun 22 low).
(Market News Provided by FXstreet)