FXStreet (Córdoba) – USD/JPY edged lower and posted fresh daily lows following the release of softer than expected US personal income/spending data.
Personal income for US citizens rose by 0.4% in April, versus 0.3% expected, while personal spending stood flat in the same period, below the 0.2% increase expected. The Personal consumer expenditures price index also flat, while core PCE rose by 0.1%, slightly below the 0.2% expected. On annual basis, PCE rose 0.1% while the core index increased by 1.2%.
USD/JPY dropped a few pips and fell below previous daily lows to score a fresh one at 123.86 in recent dealings. At time of writing, the pair is trading at 123.90, down 0.16% on the day.
USD/JPY technical levels
In terms of technical levels, USD/JPY could find immediate supports at 123.60 (May 29 low), 123.48 (May 28 low) and 122.77 (May 27 low). On the other hand, resistances are seen at 124.38 (12-year high May 28), 125.00 (psychological level) and 125.75 (Dec 2002 high).
(Market News Provided by FXstreet)