Community Forecasts for August 11-15: USD/JPY 1W Chart

© Dukascopy Bank SA

The middle of the current week is forecasted to bring some important fundamental data, namely the prelim GDP growth in Japan on Thursday and core machinery orders on Friday, which may have a considerable impact on pair's perspectives. Participants of the latest quiz for Dukascopy Community Forecasts seem to wait for more positive data to be released, as now almost 65% of votes are set short on the USD/JPY currency pair, widely supporting the yen. Despite that, in overall the traders are pretty much undecided on pair's future development, as only 19% of opinions expect the pair to trade with no major changes. Four in ten traders thing the U.S. dollar is set to decline, while 30% of quiz participants suggest the American currency to strengthen. Speaking about expectations of Dukascopy Community members, elmagnifico thinks that "The recent retracement has offered good chances for long positions. I expect erratic fluctuations around next weeks economic events - but little decisive movement", while Stix believes in the "...sideways movement for this pair, this week. Daily bias is try to lift with some Monthly agreement, but the Weekly bias is short, so no pressure for either direction and just sideways."

© Dukascopy Bank SA