© Dukascopy Bank SA
The third most popular currency pair on the foreign exchange market traded in a mixed environment during the last working week, as opening level on Monday almost perfectly fit the closing level at the end of week on October 3. The U.S. Dollar traded almost unchanged against the Japanese currency until Wednesday, mostly despite both positive and negative news from two countries involved in the analysis. The weekly low at 108 was reached on Thursday due to weaker than expected statistics on factory orders in the United States and declining growth in manufacturing activity. However, all USD-crosses showed upward development during last day of the previous week, as unemployment rate in the world's largest economy dropped below 6% to stay at 5.9% in September. The closing level hit the 109.76 mark, just above Monday's 109.36. At the same time, 78% of Dukascopy traders, who participated in the weekly quiz, forecasted the U.S. Dollar to rise in value.
During the present working week, sentiment on the USD/JPY currency cross changed to become perfectly balanced, however, overall swing in preferences was smaller than with two other pairs, discussed earlier. Subsequently, the average prediction went slightly down to reach the 109 major level, as some traders are waiting for the pair to consolidate before possible continuation of the up-trend. Almost 70% of all votes are located in the range between 106.7 and 110.3, meaning that the cross may hover in this region for a prolonged period of time. Among important fundamental statistics, traders could pay attention to minutes of the monetary policy meeting of the Bank of Japan and the Federal Reserve, as well as core machinery orders and tertiary industry activity the third biggest economy.
© Dukascopy Bank SA