This Week's Market - June 2, 2026 (Tuesday)
USD/JPY has been driven higher by dollar buying on the back of rising WTI crude oil futures and an upside surprise in the May ISM Manufacturing PMI, with the pair now approaching the 160 yen level.
The key US economic indicator to watch today is the April JOLTS Job Openings report. While this indicator previously drew relatively little attention, it has been moving markets more frequently as of late, so caution is warranted.
From a technical perspective, as long as the 159.40 support level holds, the pair appears poised to continue pushing higher. However, as it approaches 160, concerns over potential intervention are likely to cap upside momentum. Ideally, the strategy would be to buy on dips and take profits around 159.80.
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