USD/JPY little changed after the Japanese data

We had some trade data from Japan with both exports and imports higher on the month, imports notably so:

• Japan April Exports +8.3% y/y (expected +11.1%) Imports +8.3% (expected +9.0%)

And also machinery orders, better than expected in a welcome development (although this is a noisy data set):

• Japan March Machinery Orders +2.9% m/m (expected -2.1%)

USD/JPY is not doing a lot. Which is not surprising. Its being shoved around on developments impacting the outlook for both Federal Reserve and Bank of Japan policy (Fed rates down … maybe eventually, and BOJ rates up …. also maybe eventually).

This article was written by Eamonn Sheridan at www.forexlive.com.