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Similar to EUR/USD and GBP/USD currency pair, the Dollar/Yen cross was pretty much unchanged during first days of the previous week, and major changes took place on Wednesday, when the pair climbed above the 108 mark and even crossed the 109 important psychological level for several times. On that day, the American currency gained almost 150 pips, helped by improving current account balance in the country and the FOMC meeting, where the Fed officials decided to keep the federal funds rate at 0.25%, outlining the rate targets for next two years and giving markets some clarity. Participants in the Dukascopy weekly quiz expected such a bullish move of the pair to take place.
Among fundamental data to influence development of the USD/JPY cross, there is a batch of American statistics to be released from Monday to Friday. This week will be marked by a large number of speeches from FOMC members. Moreover, official data may show improvement in sales of new houses and durable goods' orders. As expected, U.S. economic growth in the second quarter is going to be revised up from 4.2% to 4.6%.
As a result, more than 60% of Dukascopy Community members remain optimistic about USD/JPY perspectives. The average prediction for September 26 is located at 108.90 level, just above the daily pivot point, meaning that correction of the pair is likely to happen, before is continues gaining value. This view is supported by Airmike, who thinks that "There is some probability to see USD/JPY rate on lower levels, but just till end of this week. My expectation is bullish for another month or two." Therefore, we can expect the pair to increase at least up to the weekly R1/major level at 110, which can pose some problems for pair's bulls.
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