USDJPY: Still Flirting with 105
USDJPY is still flirting with the 105 price level.
Having hit an intraday high of 105.29, the currency pair has failed to hold onto those gains. Japanese economic data was weaker than expected with machine orders falling 8.3 percent in the month of March. GDP, industrial production, and consumer confidence are due for release this evening. Most likely the numbers will be weak because even though consumer spending improved in the first 3 months of the year, trade decreased. All of the carry trades are getting heavier by the day and look vulnerable to further losses.