Community Forecasts November 2-6 : USD/JPY 1W Chart - Community Forecasts - Dukascopy Bank

Tue, 27 Oct 2015 10:22:06 GMT
Source: Dukascopy Bank SA
 
© Dukascopy Bank SA
The Dollar/Yen currency pair traded in a mixed environment during the previous trading week, being that a strongly negative movement during first days was later changed by a hopeful development and then by an upward correction on Friday. The fundamental data released both in Japan and the United States drove the pair significantly. Japanese exports rose 0.6% year over year in September, far below the 3.8% consensus forecast while exports to China declined 3.5% from a year earlier. Meanwhile, the Bank of Japan's next monetary policy meeting is Friday, 30 October. The Greenback edged up to two-week highs against the other major currencies on Thursday, as investors eyed upcoming data on US jobless claims and began to focus on the Federal Reserve's policy meeting scheduled this week. Moreover, the Dollar continued to climb on Friday, as dovish comments by European Central Bank President Mario Draghi resumed to dominate investors' attention and since China's central bank unexpectedly cut interest rates. It was the sixth rate cut since last November, amid efforts by authorities to shore up slowing growth in the world's second largest economy. 
68% of all votes, remain bullish on the American dollar, while 31% of Community members predict the Japanese yen to recover. The Dukascopy trader csan 68 expects the positive development of the pair and claims that "This cross shows strong bullish signs. The price broke out successfully from the medium-term rectangle pattern and  I see the power of the last few trading day's bullish movement." 
This week, the possible drivers for this pair are data on Japanese household spending, inflation and retail sales which is going to be announced on Friday.

© Dukascopy Bank SA

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