05.06.2020 Usd/Jpy Daily Analysis

05.06.2020 Usd/Jpy Daily Analysis

Usd/Jpy today is trading at 109.34; it is trading higher with 0.19% mainly because Investors turned to the safe-haven asset after U.S. data said that 1.877 million Americans claimed unemployment during the previous week, higher than the forecasted 1.8 million claims. Investors are now looking to Friday’s non- farm payroll report, due to be released later in the day. The Usd/Jpy continues to strengthen on Friday with the Forex pair touching its highest level since March 27. It’s also in a position to finish more than 1.27% higher for the week. The rally this week has mostly been supported by rising global equity markets and the U.S. Treasury yields. The catalyst behind the rally is a more optimistic outlook for the global economy which is reducing the Japanese Yen’s appeal as a safe-haven asset.