The data showed better than expected machinery orders and in the corporate goods price index boosting the yen.
In Japan core machinery orders for April jumped 3.8% well above the 2.0% MoM drop expected and the corporate goods price index (CPGI) for May rose 0.3% which is better than the 0.2% increase MoM basis.
The government sources clarified it has advanced its vision on machine order prospects after the latest data.
Currency Option Trade Tips:
As a result of above fundamental driver, USD/JPY has shown sharp slumps all the way from124.56 and made a bottom at 122.449.
We advocate add longs on binary ATM put options at current spot levels around 122.647 for more gains on further slumps.
Book profits as mid-day US trade sessions nears as it likely reverse the sentiments on verge of good set of retail activity numbers of US and crude inventory checks.