USD/JPY Forecast June 1-5

USD/JPY continued to rally and posted gains of about 150 points last week. The pair closed at the 1.2400 line, its highest close since May 2002. There are seven events this week. Here is an outlook on the major events moving the yen and an updated technical analysis for USD/JPY.

The dollar got a boost from strong core durables data out of the US and managed to weather weak GDP and employment numbers. In Japan, inflation levels remain weak and consumer spending disappointed.

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