The USD/JPY pair jumps above 158.00 in Tuesday’s European session.
USD/JPY moves higher above 158.00 amid firm US Dollar. The US Dollar remains firm as the Fed restricts a number of rate cuts this year to one. The Japanese Yen remains vulnerable as the BoJ postponed plans of reduction in bond-buying operations. The asset strengthens as the US Dollar recovers strongly after a modest correction. The US Dollar exhibits a strong performance as Fed eral Reserve policymakers continue to reiterate their projection for only one rate cut this year.
Meanwhile, investors shift focus to the United States Retail Sales data for May, which will be published at 12:30 GMT. The US Census Bureau is expected to report an increase in the Retail Sales by 0.3% after remaining flat in April. On the Tokyo front, the Japanese Yen continues to face selling pressure as the Bank of Japan has pushed plans for reducing bond-buying operations to the July meeting. This has deepened fears of limited scope for policy tightening.
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