USD/JPY tilts lower for the second consecutive session

US dollar fluctuated lower during the Asian session to see its third session retreat from its highest since May 31 against the Japanese Yen, following developments and economic data released by the Japanese economy, the third largest economy in the world and on the threshold of an economic data release expected today by the US economy, the world's largest economy.

As of 05:59 GMT, USD/JPY fell by 0.15% to 108.34 from the opening level of 108.50 after recording a low of 108.17 and a high of 108.54.

We have followed the Bank of Japan unveiled its manufacturing statistics for the Japanese economy, which showed a contraction of 10.4 to 7.3 in the first quarter, above expectations of 4.5, with the release of the Tertiary Industrial Index, which showed a rise of 0.8% from 0.2% in March, rising above expectations of a 0.4% rise.

On the other hand, the markets are currently waiting for the US economy to release a reading of the unemployment claims index for the week ending on June 7, which may reflect a decrease of 3 thousand requests to 215 thousand requests, in conjunction with the release of the index of import prices, which may reflect a decline by 0.3% against an increase by 0.3% in April, while the annual reading for the same index may show a widening of the decline to 1.4% vs. 0.2%.